Home News Museveni Hails NSSF for Lubowa Real Estate Investment

Museveni Hails NSSF for Lubowa Real Estate Investment

NSSF's Lubowa Real Estate Investment

President Yoweri Kaguta Museveni on Thursday thanked the management of both Solana lifestyle and residence and the National Social Security Fund (NSSF) for the Lubowa Real Estate Investment and promised to help them on solving their challenges.

At this event, Museveni also emphasized the issue of collective savings as this can help small people to build a big force.

“It’s through collective savings from workers, employers, and government that NSSF is going to build a new town here in this former coffee plantation” Museveni highlighted.

Museveni was commissioning the NSSF  real estate project in Lubowa that is expected to be completed in the next ten years with over 2,000 housing units.

LineSteppa Community

The President also tasked the board to pen down their challenges to the Minister of Finance such that these can be studied and solved.

NSSF Boss Richard Byarugaba

“Write a memorandum of your challenges to the Minister, I’m a strategist and we can handle them” Museveni noted.

The Minister of Finance Matia Kasaija who was also present at the function congratulated the NSSF for its growth over years as one of the exemplary public institutions in the country.

“The fund now constitutes about 9% of Uganda’s GDP with the total assets managed at 17trillion and collections of over 1.6trillion shillings in long-term domestic savings a year” Kasaija highlighted.

LineSteppa Community

Speaking on behalf of the Ministry of Gender, Labour and Social Development Col. Rtd. Charles Engola noted that the Ministry is currently focusing on the expansion of the coverage of workers from 2.5 to 7 million and also increasing their benefits.

“Together with the Finance Ministry, we have already directed our efforts on funds investment strategy that focuses on unlocking the value held in real estate projects including this one” Engola added.

Engola also highlighted that members of the NSSF will be the main beneficiaries of this project in terms of interests as the income will be credited to their accounts.

Finance minister Matia Kasaija with some of the Officials at the function

Richard Byarugaba the Managing director of NSSF noted that this is a message of hope and by this, they can accelerate the growth and quality of the economy through organized housing.

LineSteppa Community

“We have been locking up the capital of our savers in this property but now that it’s launched we are to begin selling and making profits hence double-digit returns to our members” Byarugaba highlighted.

The MD also hinted at the plan to have other lower and affordable housing units in places like Kyanja and Temangalo which will range between USD30,000 – 40,000.

The Lubowa real estate is currently one of the biggest housing complexes in the region sitting on over 600acres with over a USD70million being spent on it.

With contractors like XPCC, CRJE, Seyani, and Cementers that have completed only two phases, this project is expected to have 2,750 housing units that include bungalows, townhouses, Villas, and apartments and they will range from USD150,000 – 800,000.

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