According to the latest Quarterly Debt Statistical Bulletin and Public Debt Portfolio Analysis released by the Ministry of Finance, Uganda's public debt has surpassed 130 trillion Shillings (approximately $34.86 billion) as of December 2025. This represents an increase from the previous quarter, where the total public debt was recorded at approximately $34.21 billion (128.648 trillion Shillings). The increase in public debt has been predominantly driven by heightened domestic debt issuances.

The breakdown of Uganda's debt portfolio reveals a significant shift towards domestic borrowing, which now constitutes 54.5% of the total public debt, amounting to around $19.02 billion (68.86 trillion Shillings). In contrast, external debt accounts for 45.3%, equating to about $15.84 billion (57.33 trillion Shillings). This trend highlights the growing reliance on internal sources of financing, a shift that may have implications for future fiscal policies and economic stability.

Maris Wanyera, the Acting Director for Debt and Cash Policy at the Ministry of Finance, pointed out the critical need for transparency in managing the country’s debt. The objective of the debt bulletin is to provide clarity and keep the public informed about the ongoing debt situation in Uganda. Understanding the dynamics of public debt is crucial for stakeholders, especially as the government navigates funding for public services and infrastructure against the backdrop of rising debt levels.