The Ministry of Finance, Planning and Economic Development has revealed that Uganda’s public debt stock has crossed the UGX130 trillion mark following an increase recorded in the last quarter of 2025.
According to the Quarterly Debt Statistical Bulletin and Public Debt Portfolio Analysis for December 2025 released by the ministry, the country’s total public debt rose from US$34.21 billion (about UGX128.6 trillion) in September 2025 to US$34.86 billion (approximately UGX130.9 trillion) by the end of December 2025.
The report indicates that domestic borrowing remains the largest share of the debt portfolio, accounting for 54.5 percent of the total public debt. This is equivalent to US$19.02 billion or about UGX68.86 trillion.
Meanwhile, external debt accounted for 45.3 percent, translating to US$15.84 billion or about UGX57.33 trillion.
“The total public debt stock increased to US$34.86 billion (UGX130.943 trillion) by the end of December 2025, up from US$34.21 billion (UGX128.648 trillion) at the end of September 2025,” the report states.
The ministry attributed the rise in the debt stock mainly to increased domestic debt issuances during the quarter under review.
Government frequently issues Treasury bills and Treasury bonds on the domestic market to finance the national budget and manage liquidity, a move officials say helps reduce excessive reliance on external borrowing.
Uganda’s public debt has been steadily rising in recent years as government continues to borrow to finance infrastructure projects, budget deficits, and economic recovery programs.
However, officials at the finance ministry have repeatedly maintained that the country’s debt levels remain sustainable as long as borrowed funds are invested in productive sectors that can stimulate economic growth.
