What you need to know:
- The cost of administration remained stable at 1.3 per cent
Kampala. National Social Security Fund (NSSF) has been ranked among the best performing institutions in public procurement for the 2017/18 financial year, according to a recent audit issued by the Public Procurement and Disposal of Public Assets Authority (PPDA).
The Fund registered an average weighted score of 88.5 per cent, basing on key procurement performance indicators that include compliance to PPDA regulations, review of the procurement system, procurement process and asset disposal process.
The audit results showed an improvement in overall rating when compared to the weighted average score of 87 per cent attained in the previous financial year.
Mr Richard Byarugaba, the NSSF managing director, attributed the rating to continuous efforts to refine procurement system at the Fund through coordinated functions of key players, saying “the automated e-procurement management system launched last year has enhanced our efficiency”.
The report also commended the Fund for putting in place a fully constituted and experienced Procurement and Disposal Unit and implementing previous recommendations made by PPDA.
The report comes a few weeks after NSSF announced an impressive performance in the financial year 2017/18, giving members a record interest rate of 15 per cent. The Funds’ assets under management increased by 26 per cent from Shs7.92 trillion in 2017 to Shs9.98 trillion in 2018.
Total income increased by 77 per cent to Shs1.6 trillion in 2018 from Shs912b in 2017 while total member contributions increased by 14 per cent to Shs1.05 trillion in 2017/18 compared to Shs917b in the previous financial year.
The cost of administration remained stable at 1.3 per cent. Mr Byarugaba said it was important that NSSF ensures it gets value for money in all procurement and disposal of assets.
“The rating therefore affirms our commitment not only in preserving members’ savings but also in ensuring transparency in our business operations,” he said.