TAKEAWAYS

• Abtex confirms the Uganda Music Promoters SACCO has received Shs5 billion in government support promised by President Museveni.
• He says the money is to be refunded by beneficiaries, with auditors expected to monitor how taxpayers’ money is used.
• Abtex reveals the SACCO initially received Shs1.5 billion before the remaining balance was given to them.

Promoter Abtex has confirmed that the Uganda Music Promoters SACCO has received the money that was promised to them by President Yoweri Museveni.

Speaking in a recent interview with Sanyuka TV, Abtex revealed that a special general meeting was held to inform members that the promised funds had finally been received and that they were now seeking permission to start using the money.

“We’ve been allowed and everyone is going to spend according to what they asked for,” Abtex said.

He explained that every beneficiary will be assessed to establish whether the amount they requested is appropriate for their needs and whether they have the capacity to refund the money.

According to Abtex, although the funds have been given to the promoters without them paying for them upfront, the money is not a grant and beneficiaries are expected to repay it. He added that the government will be responsible for following up on the repayments.

“Auditors will be sent to account for this money because this is taxpayers’ money provided by the government,” he explained.

Abtex further disclosed that a total of Shs10 billion was allocated to the three SACCOs, with his organization receiving Shs5 billion.

He noted that the SACCO initially received Shs1.5 billion, but the money was quickly exhausted without achieving the intended impact.

“We first received 1.5 billion which seemed like it fell into the frying pan as it simply disappeared. The balance has now been given to us,” he said.

Abtex, who leads the Uganda Music Promoters SACCO, used the opportunity to confirm directly to President Museveni that the organization has now received the promised financial support.