The major political issues facing Uganda today include: the lack of accepted terms of union between our people, the loss of economic independence, the massive misuse and theft of public resources, the threat of endless internal and external wars, and the massive drag upon the citizenry and the private sector caused by government ineffectiveness. This is the reason why Federalism is envisioned as a radical reformulation of governance for Uganda. The debate on federalism as a suitable form of governance for Uganda is not new. Some have out of context, argued that: federalism is essentially to benefit the Kingdom of Buganda to the detriment of the rest of Uganda. This Study therefore, seeks to discuss and examine the concept of federalism in its proper context from a historical, present and future perspective. The Study is also intended to impress upon readers and all Ugandans that: federalism, notwithstanding its weaknesses, is the most suitable form of governance for Uganda.