Friday, May 17, 2024
+256 784 320 146 kaysmash@kaysmash.com
LocalNews

Parliament okays Shs152 billion for Hoima City stadium construction

The Minister of State for Finance (General Duties), Hon. Henry Musasizi (left), the Attorney General, Kiryowa Kiwanuka and the Minister of State for Industry, Hon. David Bahati consult during the sitting of the House on Thursday, 16 May 2024

Construction of Hoima City stadium is expected to start after Parliament approved the required Shs152 billion, part of the Shs288.6 billion Supplementary Budget Schedule No.03 on Thursday, 16 May 2024, ahead of the African Cup of Nations (AFCON) in 2027.

The Supplementary Budget Schedule No. 03 for financial year 2023/2024 was approved by Parliament during plenary sitting chaired by Speaker, Anita Among.

In September 2023, the Confederation of African Football (CAF) awarded hosting rights for the 36th edition of AFCON 2027 to Uganda, Kenya, and Tanzania under the East Africa joint Pamoja Bid. Hoima City stadium is one of the venues expected to host the games.

The Minister of State for Finance, Planning and Economic Development (General Duties), Hon. Henry Musasizi said that the Shs152 billion is advance payment for construction works to commence at Hoima City stadium.

“This funding will enable the contractor commence on construction of the stadium to be ready before the deadline of 31 December 2025 required by CAF for Uganda to co-host the 2027 AFCON,” Musasizi said.

Furthermore, legislators approved Shs132.6 billion to enable Uganda National Oil Company (UNOC) additional equity acquisition in the East African Crude Oil Pipeline (EACOP).

“The funding is to meet the cash call arising from delayed financial flows by financers and is required before July 2024,” said Musasizi.

He justified that the two projects will be funded by the Petroleum Fund, in line with Section 59(3) of the Public Finance Management Act which allows the Ministry of Finance to use the funds to finance infrastructure development.

“Our petroleum fund account currently has Shs400 billion, I propose to utilize Shs284.6 billion in line with the Public Finance Management Act to finance acquisition of equity in EACOP and construction of Hoima City stadium,” Musasizi said.

 

Derek Kanalo
the authorDerek Kanalo
News Reporter/ Editor
Am a professionally trained and well skilled media personality. Accuracy is part of my top priority as a journalist.