• Contact Us
  • About Us
  • Advertise
  • Donate
  • Login
Watchdog Uganda
Advertisement
  • Home
  • News
    • National
    • Politics
    • World News
    • Africa News
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
    • Travel
  • Entertainment
    • Lifestyle
    • Showbiz
      • Salon Mag
  • People
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Africa News
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
    • Travel
  • Entertainment
    • Lifestyle
    • Showbiz
      • Salon Mag
  • People
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
No Result
View All Result
Watchdog Uganda
No Result
View All Result

Teachers’ Sacco to get shs7b

watchdog by watchdog
4 years ago
in National, News
3 0
ShareTweetSendShare

Walimu Cooperative Savings and Credit Union Limited will receive over shs7 billion in fulfillment of the presidential pledge of shs25 billon.

The State Minister for Finance David Bahati said that the money will be channeled from to the teachers’ SACCO from the Microfinance Support Centre.

“The resources that were supposed to go to the teachers’ Sacco went to Microfinance Support Centre on the account that it could be administered well there,” said Bahati.

He added that structures had since been put in pace under the Walimu SACCO capable of handling the money.

Bahati revealed that some of the money meant for the teachers’ SACCO had been lent to other institutions.

“We are in the process of transferring the money which was meant for the teachers. This can be done at the beginning of the next financial year,” Bahati added.

“What we need to understand now is how much was lent out of the money put under the Microfinance Support Centre and how much is available to be transferred to their Sacco,” Bahati said.

Minister of State for Primary Education Rosemary Seninde told the House that in financial years 2013/2014 and 2014/2015, approximately shs9.3 billion meant for Walimu Teachers Sacco had been ‘erroneously’ transferred to the Microfinance Support Centre.

Seninde added that between financial years 2015/2016 to 2019/2020, Government paid a total of shs20.3 billion to Walimu Teachers Sacco.

“If we include the money that went to the Microfinance Support Centre, the total the teachers should have received should be shs26.5 billion, even exceeding what was pledged. But because the money that went to Microfinance did not come to the teachers’ Sacco, they still demand about shs7.8 billion,” Seninde said.

She added that the Education and Finance ministries held a joint discussion with the Solicitor General who guided that the money had to be sent back to the teacher’s Sacco from the Microfinance Support Centre.

Government offered shs25 billion to the teachers’ Sacco to be paid over a five year period, with an aim of enabling teachers receive affordable credit financing but a total of shs4.3 billion was released to the Microfinance Support Centre in 2013/2014.

MPs on the Public Accounts Committee of Parliament, at the time [2015] directed that teachers interested in the funds should access the money through Micro-Finance Support Centre so as to ensure proper accountability.


Do you have a story in your community or an opinion to share with us: Email us at editorial@watchdoguganda.com

Share1Tweet1SendShare

Related Posts

Hajji Yunus Kakande, Lt Col Emmy Katabazi,  RDC Secretariat Officials and RDCs/RCCs/DISOs in a group photo
National

“Make sure government programs succeed”- Hajji Kakande tells RDCs

29th May 2023 at 22:33
President Yoweri Museveni
National

President Museveni commends NRM MPs on value addition 

29th May 2023 at 19:13
MP Asuman Basalirwa
National

You can cancel our visas! Excited MP Basalirwa tells off Western powers after Museveni signing Anti-Homosexuality Bill into Law

29th May 2023 at 18:53
Next Post

Victoria University offers free first aid skills to rally drivers

Popular Stories

  • Mr. Sateesh Yamsani

    We’re tired! Uganda Baati boss on the spot for mistreating employees

    41 shares
    Share 16 Tweet 10
  • Here are the 8 most feared and respected top leaders in UPDF

    36 shares
    Share 14 Tweet 9
  • Mourning the Fallen Heroes: Saluting the Sacrifice of UPDF Officers in Somalia

    25 shares
    Share 10 Tweet 6
  • Museveni bans charcoal burning and trade in Northern and North East Uganda

    23 shares
    Share 9 Tweet 6
  • 15 profitable businesses you can start in Uganda

    93 shares
    Share 37 Tweet 23
Facebook Twitter

Contact Information

Watchdog Uganda is a portal for solution journalism, trending news plus cutting edge commentaries in the fields of politics, security, business, tourism, entertainment, technology, agriculture, climate change, environment, public health et al. We also give preference to Ugandan community news and topical discussions. The portal also publishes community news and topical discussions.

Plot 23, Yusuf Lule Road
PO Box 7661 Kampala, Uganda
Office Line: +256 777 286 815
Email: editorial@watchdoguganda.com
To Advertise:Click here

Follow Us on Twitter

Tweets by watchdogug

Follow Us on Facebook

© 2023 Watchdog Uganda

No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Africa News
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
    • Travel
  • Entertainment
    • Lifestyle
    • Showbiz
      • Salon Mag
  • People
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate

© 2023 Watchdog Uganda

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In