‘Don’t Fall Prey To Banks And Moneylenders’ – Speaker Kadaga Warns Newly Elected MPs

‘Don’t Fall Prey To Banks And Moneylenders’ – Speaker Kadaga Warns Newly Elected MPs

By Norman Isaac Mwambazi

 

On January 14, Ugandans went to the polls to elect their president and Members of Parliament (MPs) who will represent them for the next five years.

Although some members managed to retain their seats, tens of them lost their parliamentary seats to new politicians who are going to represent their people in Parliament for the first time.

Because MPs get an attractive monthly salary of between Shs25 million to Shs30 million plus other benefits, banks, moneylenders and loan sharks target their elevated source of income by persuading them to take seemingly attractive loans to finance their political activities.

However, in due course, it becomes increasingly hard and tedious to pay off these loans, which results into some of these MPs ultimately failing and having their properties seized by their creditors.

It is for that reason that the Speaker of Parliament Rt. Hon. Rebecca Kadaga has come out to caution newly elected MPs about these loan sharks.

In a tweet, Kadaga said; “I appeal to newly elected MPs not to fall prey to banks and money lenders, before being sworn in and reflecting on their expected income and any need to borrow. Extremely attractive loans, which eventually become a source of misery, are usually dangled before new MPs.”

Members of the 11th Parliament will take  their oath of office in May this year after which they will kick off a five-year term in the August House.

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