Museveni says NSSF money should build roads, not sit in govt bonds

President Museveni on Friday criticised the investment strategy of the National Social Security Fund (NSSF), urging it to channel savings into infrastructure projects, as he set out key economic priorities for his new term.

Speaking at Labour Day celebrations in Buikwe District, Museveni said the pension fund was tying up resources in treasury instruments instead of financing productive assets such as toll roads.

“NSSF has a lot of money but they invest in non-profitable things like government bonds. Why can’t NSSF invest such money in toll roads? The roads would be owned by NSSF,” he advised.

“Government can continue building its own roads but the rich who don’t have time to waste can use toll roads. We’ve been searching for an investor… linking Kampala to Jinja but we haven’t succeeded,” he added.

Museveni, who will mid-May embark on his next 5-year term had late last month warned against using pension savings to fund recurrent government expenditure.

“NSSF money shouldn’t be used for consumption. If it is spent on ‘eating, eating, eating,’ that would be a very serious mistake,” he previously explained on April 23 at a high-level event attended by his Kenyan counterpart, William Ruto, and Africa’s richest man, Aliko Dangote.

Uganda’s fund is projected to grow to Shs50 trillion by 2034/35, up from Shs26 trillion in 2025.

‘New policy’

On Friday, Museveni also signalled a policy shift to integrate worker housing into industrial park development, saying government would secure land for low-cost housing near workplaces.

“It may not necessarily be the industrialists but we shall get investors to build low cost houses nearby as part of the industrial park development on the land provided by government. If we don’t get private people to do it, I will get National Housing and Construction Company (NHCCL) to start doing it,” he explained in Buikwe District.

Fisheries crackdown, wetlands warning

On fisheries, the president called for stricter controls, warning that unchecked fishing was depleting Uganda’s water bodies.

“You must accept that even Namboole Stadium gets filled to capacity on match days. Once that happens, organizers say we’re overwhelmed. There must be a limit on how many people can be involved in the fishing sector,” Museveni said, adding: “There must be a limit… We can’t go on with the thing of everyone fishing.”

Museveni also used his remarks to condemn rice growing in wetlands, urging farmers to shift to aquaculture.

“There’s responsible usage of wetlands. The rice you are using to degrade the wetlands is not highly profitable. Instead, you can put fish ponds in the periphery of the wetlands which would earn you over Shs50m in an acre. We should wake up and stop acting like ignorant pagans. Those ponds require a lot of money and government will extend support,” he vowed.

According to the president, fish farming will be prioritized next year.

“Next year, fish farming will be a priority. We had to start this year but we’ve to spend on preparations for 2027 AFCON and other things,” he noted.

Earlier, Museveni had linked his agenda to Uganda’s growth strategy under the ruling NRM party, stressing the need to prioritize.

“If you want the economy to grow, you should prioritise security, electrification and modern transport,” he said.

He also urged MPs to track household incomes at parish level as part of poverty eradication efforts.

“This effort… must continue until we get rid of poverty in villages,” he said.