Uganda: Create Alternative Sources of Income for Yourselves - MPs Urged

21 June 2022
Nile Post (Kampala)
By Kenneth Kazibwe

The National Social Security Fund (NSSF) Board Chairman Dr. Peter Kimbowa has asked MPs to embrace creation of alternative sources of income and ensure proper monetary discipline measures if they are to become financially independent.

The National Social Security Fund (NSSF) Board Chairman Dr. Peter Kimbowa has asked MPs to embrace creation of alternative sources of income and ensure proper monetary discipline measures if they are to become financially independent.

"The new poor are the immediate former MPs who didn't plan well, in a bid to have financial independence, you must have a source of income that can deliver up to 80% of your Parliament salary," he stated.

ADVERTISEMENT

Dr. Kimbowa was speaking during the closure of a three-day orientation workshop for the 11th Parliament MPs at Imperial Royale Hotel, in Kampala.

"You need to have a reserve fund of about eight months of your emoluments at Parliament."

ADVERTISEMENT

He said many people have failed to progress because of factors such as investing in liabilities instead of assets, believing that they can save their way to wealth, high debt burden, cultural black mail and dependency ratio among others.

On investment areas with high returns, he cited treasury bonds and bills, corporate bonds, unit trusts, shares or stocks and offshore investments.

ADVERTISEMENT

The Prime Minister Robinah Nabbanja said MPs must take lead in fighting poverty among households through embracing the Parish Development Model which seeks to move 39% of Ugandans to money economy.

"Colleagues, as MPs lets support Parish Development Model irrespective of our political affiliation. The Parish Development Model was given a lot of money and therefore let's monitor and ensure that the money is put to proper use, that is improving the livelihoods of our people," she urged.

"Once our people have improved in terms of livelihood, the pressure we all have as MPs to meet their personal needs will reduce. If people have money, they will instead contribute to you, so we have no choice but to use the media and platforms to explain the critical importance of this game changer ."

Read the original article on Nile Post.

Tagged:
Copyright © 2022 Nile Post. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 400 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.