The study establishes whether government spending on private universal secondary education (USE) schools is equitable across quintiles disaggregated by gender and by region in Uganda. The study employs benefit incidence analysis tool on the Uganda National Panel Survey (UNPS 2009/10) data to establish the welfare impact of public subsidy on different households. The results reveal that the richer households benefit more from the subsidy than the poor. Similar patterns are evident across gender and regions. However, the subsidy as a share of total household spending is higher (49%) for poor households than the richer (6%). The contrast in the findings could be because the richer seem to have more school going children and thus spend more on each student. The concentration curves reveal that there are minimal achievements by the state funding to redistribute incomes to the poor.