Kasaija blasts spendthrift Ugandans

Finance minister designate Matia Kasaija has poured scorn on Ugandans who spend extravagantly on ceremonies such as weddings and graduation parties at the expense of saving for the future.

"Haven't you had cases of people holding weddings of sh300m? Graduation parties. They come into my office, ‘Honorable minister, I have finished my degree, I want to hold a graduation party," he said.

 "I ask them; What are you celebrating? Because you have got a degree? You have no job, and the poor fellow has budgeted for sh20m."

Addressing a post budget engagement organized by the Uganda Revenue Authority yesterday at Hotel Africana, Kasaija said Uganda will develop faster as a country if more Ugandans embrace the savings cultures.

"Let us learn how to be frugal. Do not eat everything as if tomorrow is not there. You enjoy your life, but you have to build capital. Do not consume everything because you are going to die, leave something for your children and grandchildren."

Ugandans are notorious for their poor savings culture. While launching a new campaign last month dubbed "Friends with benefits," National Social Security Fund (NSSF) Managing Director Richard Byarugaba said one of the motivations behind the new initiative was to promote the savings culture among Ugandans.

"Our research shows that Ugandans are not good at saving. 80% of employees only have NSSF as their form of saving, what is even worse, is that because we pay out our money in a lump sum, 90% of the people who receive it, actually spend this money over a two year period."