The Bank of Uganda has warned Parliament against passing into law The Protection of Sovereignty Bill, 2026 in its current form arguing that it will lead to economic sabotage through weakening of Uganda’s shilling, reduce financial inflows and make it hard for Uganda to service its public debt.
In a rare sight, Michael Atingi-Ego, Governor Bank of Uganda was accompanied by his deputy, Augustus Niwagaba appeared before Parliament’s Joint Committee of Defence and Internal Affairs, and the Legal and Parliamentary Affairs Committee on 28th April 2026, to submit their views on the Bill.
Bank of Uganda defended its stance arguing that the proposals in the Bill threaten to reduce financial inflows into Uganda which can destabilise Uganda’s balance of payments.
Atingi also wants financial institutions regulated by the central bank to be exempted from the bill.
The inter religious council of Uganda has advised the members of parliament sitting on the two joint committees of legal and that of defence scrutinizing the protection of sovereignty bill 2026 to reject it in totality.
The advice has been delivered by the Dr. Joseph Sserwadda who led the team from the inter religious council to present their views on the proposed protection of sovereignty bill 2025 which is under scrutiny before the parliaments joint committees of legal and that of defence.
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Sserwadda told the MPs on the committee that the law was brought in bad faith with intentions to hinder development of religions in the country.
Sserwadda noted that to but a ban on the money one should get from the donors outside Uganda and also to put a limit on the money an organisation should get from a donor was not brought in good faith and yet most of the churches and mosques in Uganda are all being built by foreigners or donors from outside the country.
Sserwadda further noted that there is no need to bring another law in disguise of protecting the country’s sovereignty and yet the constitution of this country has been protecting the sovereignty of the country.
He added that there are already organisations like financial intelligence authority which have been monitoring all the funds entering the country and so there is no need to bring a new law to do the same and yet all the funds given to different organisations pass through banks which are well monitored by financial intelligence authority.
He also challenged the members of parliament to do their work of teaching Ugandans to love their country and what their nation is about instead of yearning to pass the sovereignty bill.
