MPs want NSSF, Gov't partnership on foreign investment
Apr 06, 2016
"NSSF has a lot of money and we have been telling government to tap into this resource and invest in properties abroad," Jack Wamai Wamanga, a shadow minister of foreign affairs said during an interface with foreign affairs top officials earlier today.
The National Social Security Fund (NSSF), a national savings scheme, has over sh4 trillion in its vaults as part of its members' savings.
With government toying with the idea of sinking sh208b in buying and developing properties abroad as part of its commercial diplomacy, MPs sitting on the foreign affairs committee of parliament want government to partner with NSSF to pull off this venture.
"NSSF has a lot of money and we have been telling government to tap into this resource and invest in properties abroad," Jack Wamai Wamanga, a shadow minister of foreign affairs said during an interface with foreign affairs top officials earlier today.
Led by minister of state for foreign affairs, Okello Oryem and permanent secretary, James Mugume, the top echelon of ministry of foreign affairs was at parliament to respond to queries raised by lawmakers over the ministry's policy statement for the next financial year.
The house was well attended on the NRM side as the opposition side was poorly attended as the legislators deliberated on the supplementary appropriation bill, 2016 during plenary at parliament April 6, 2016.
Wamanga, Hood Katuramu and Rose Mutonyi contend that money drawn from NSSF and invested in lucrative properties abroad can generate revenue which can be used to service the 'loan.'
Such properties can thereafter go a long way in saving the country astronomical amounts in rent, besides raking in much needed hard currency.
Mugume told lawmakers that a number of countries including New Zealand and Australia have invested in properties in foreign capitals which have over the years turned into cash cows.
However, the mooted proposal of 'borrowing' from NSSF to fund such an expensive venture is set to cause a ripple of concern from contributors.
From Temangalo to Nsimbe housing estates, a number of projects where NSSF top brass has sought to invest contributors' funds have been dogged with controversy over accountability with some of them resulting into litigation.