PRESIDENT MUSEVENI WARNS BUTUURO SACCO MEMBERS ON EXTRAVAGANT SPENDING

President Yoweri Museveni has urged members of the Buturo People’s
Savings and Credit Co-operative Society in Bushenyi district to desist
from the extravagant spending habits and embrace the culture of
saving.
This was contained in his speech that was read yesterday (Saturday 24th
February 2018) by the state minister for cooperatives Frederick Gume
Ngobi during ceremony of the Society’s 10th Annual General Meeting at
Nyakabirizi playground in Bushenyi-Ishaka Municipality.
The President said the saving culture is a crucial element in the
economic development of the members.President Museveni also encouraged members to lead healthy lives in
order to ensure that they able to enjoy the benefits of their effort.
On his behalf minister Gume announced that parliament suspended taxes
on Savings and Credit Co-operative Societies for 10 years.
In 2015, president Museveni promised that he was going to talk to the
Ministry of Finance and Economic Planning not to tax savings and
credit societies of in the country.

Buturo People’s SACCO enables its members to pool together funds so
that they can access loans, engage in productive activities and
improve their welfare.
Despite of the SACCO’s continued growth and achievements, Bob Richard
Tibasima, the chairman board of directors has said they are still facing
challenges of high external borrowing costs
limited funds, low savings, multiple borrowing by members and
loan defaults.
Tibasima confirmed that they have maintained another branch at
Kashenshero and announced that Rev. John Muhangi was appointed to
replace Franco Kateeba who resigned on the Arbitration Committee.
Source: www.mknewslink.com; a western Uganda news website.