Uganda Investment Authority (UIA) found itself under intense scrutiny as top officials, including Director General Robert Mukiza, appeared before Parliament’s Committee on Commissions, Statutory Authorities, and State Enterprises (COSASE). The focus of the interrogation centered on the excess financial performance of UIA during the Financial Year 2022/2023.
MPs directed their questions towards the discrepancy between the planned and actual collection of Non-Tax Revenue (NTR) by UIA. While the entity had projected to collect Shs418 million, the actual collection amounted to Shs460 million, resulting in a surplus of 10 percent. Queries on this surplus were highlighted in the Auditor General’s Report for the FY 2022/2023.
According to the Auditor General’s report, the over-collection of NTR raised concerns about the adequacy of the revenue targets set by UIA. The report suggested that UIA’s revenue potential might have been underestimated, leading to the discrepancy between the projected and actual collections.
MPs also expressed dissatisfaction with UIA’s performance during FY2021/2022, particularly amidst the challenges posed by the Covid-19 pandemic. Despite the adverse circumstances, UIA managed to collect Shs435 million in NTR. In response to queries, Mr. Mukiza attributed this over-performance to the stringent measures implemented by UIA management.
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The stringent measures included field visits to engage investors with outstanding revenue arrears and issuing updated statements, resulting in increased revenue collection. However, MPs sought further clarification and requested documents detailing the processes that informed the setting of NTR targets for the year under review.
Additionally, Mr. Mukiza addressed questions regarding a recent raid on UIA offices by the Office of the Inspector General of Government (IGG). He affirmed UIA’s full compliance with the IGG’s investigation, following allegations of bribery and corruption leveled against UIA top management. Last month, the IGG officials conducted a raid based on a tip-off to gather evidence supporting these claims.
