Auditor General slashes Umeme buyout cost from Shs700b to Shs432b
The Auditor General Mr Edward Akol hands over the Special Audit Report on the Umeme concession to the Speaker of Parliament Ms Anita Among at Parliament on Thursday 27th March, 2025. Photo/Courtesy
What you need to know:
- A special audit into the buyout revealed that the initial USD 190.9 million (Shs700.2 billion) proposed by the Ministry of Finance last week was overstated by Shs267 billion.
The Auditor General, Mr Edward Akol, has reported that only $118 million (about Shs432 billion) is the rightful amount to be spent by the government in the Umeme buyout, as Uganda Electricity Distribution Company Limited (UEDCL) prepares to take over operations on March 31, 2025.
A special audit into the buyout revealed that the initial $190.9 million (Shs700.2 billion) proposed by the Ministry of Finance last week was overstated by Shs267 billion.
The revelation was made on Thursday, March 27, when Auditor General, Mr Akol handed over the report to Speaker of Parliament Anita Among in her boardroom at the House.
Upon receiving the report, Ms Among acknowledged the discrepancy between the earlier proposed amount and the Auditor General’s findings.
"When we last had a sitting in the house, what was brought on the floor for approval, the loan which was presented, was $190 million. I am aware that the audit is completed, and the approved amount that has come out of the audit is about $118 million," she said.
"So we should be able to pay what the Auditor General is reporting, not the estimate that we were given. As we stated that day, we shall only pay based on the Auditor General's report," she added.
The report has since been tabled in Parliament to inform the next course of action regarding the buyout.
