Does NSSF Have Money?

President Museveni ’s Wednesday pronouncement on the midterm access clause of the Bill, according to the Fund, does not mean that it immediately takes effect.” Such statements brew bitter arguments on whether Mr. Richard Byarugaba’s NSSF is liquid enough to implement the presidents directive.

In a statement issued on August 5, Richard Byarugaba, the NSSF Managing Director says: “The Fund has received several inquiries following the President’s pronouncement on the midterm access clause 24 A (2) of the NSSF Amendment Bill 2019, to allow members who are 45 years and above, and have contributed to the Fund for 10 years to access up to 20% of their accrued benefits. The Fund advises its members that this announcement does not now mean that the NSSF Amendment Bill has been enacted into law.”

He added: “Like all other bills, the NSSF Amendment Bill (2019) will be returned to Parliament by the President for further processing. The Bill shall be enacted into law only after Parliament has returned it to the President and he has assented to it.”
On when members are set to receive their money, incase the bill becomes law: “The Fund has no control over this process but remains committed to support the speedy enactment of the NSSF Amendment Bill (2019) and thereafter the implementation of the NSSF Amendment Act,” Byarugaba said in the statement.
As this is a procedural arrangement, a member who religiously pays his savings expects the body to go up in arms and declare readiness to pay this percentage once the law is made. Rather the statements presented beg to differ. NSSF handles over 15 trillion ugx of Uganda’s’ savings and the payable amount once the law Is made is roughly 800 billion ugx.
With facts yet to be defined all that a paying member of NSSF can hold on to is that the pandemic becomes manageable and that the parliament passes a law for NSSF to release part of their savings.