NEWS- The Finance Minister Matia Kasaija has presented the national budget standing at 72 Trion for the financial Year 2024/2025 at Kololo Ceremonial Grounds this afternoon where all government dignitaries have converged spearheaded by President Museveni.
This budget marks a notable increase of Shs14.050 trillion from the earlier projection of Shs58.34 trillion, underscoring a significant fiscal expansion aimed at propelling the nation’s growth. This budget marks a notable increase of Shs14.050 trillion from the earlier projection of Shs 58.34 trillion, underscoring a significant fiscal expansion aimed at propelling the nation’s growth.
The budget comprises recurrent expenditure of Shs18.9 trillion and development expenditure of Shs34.7 trillion, with the total amount including statutory expenditure standing at Shs72.136 trillion.
In terms of revenue generation, the budget anticipates Shs32.3 trillion from domestic sources, comprising both tax and non-tax revenues. Additional financial streams are projected from budget support mechanisms like grants and loans amounting to Shs1.3 trillion, alongside Shs8.9 trillion through domestic borrowing.
The framework also includes Shs9.5 trillion from project support and a significant Shs19.8 trillion earmarked for domestic debt refinancing.
From the resource envelope, Shs3.1 trillion is allocated for external debt repayment, Shs9.5 trillion for project support, Shs12 trillion for domestic refinancing, Shs9 trillion for interest payments, Shs293.9 billion for appropriation in aid, Shs603 billion for Bank of Uganda recapitalization, Shs 200 billion for domestic arrears, and Shs9.1 trillion for domestic debt repayment under Bank of Uganda, take a first expenditure call.
The budget prioritizes human capital development with an allocation of Shs9.9 trillion, representing 26.3% of the total budget, channeled towards enhancing education, healthcare, and skills development.
Security and governance have also received Shs9.1 trillion to strengthen law enforcement and national security infrastructure. Additional allocations include Shs5.1 trillion for integrated transport infrastructure and services, Shs2.3 trillion for development plan implementation, and Shs2.0 trillion for private sector development.
Significant investments were also directed towards key sectors and initiatives, including sustainable energy development (Shs1.0533 trillion), administration of justice (Shs481.4 billion), legislation, oversight, and representation (Shs978.6 billion), climate change and environment management (Shs682.6 billion), and Digital Transformation (Shs230.9 billion).
Notable allocations include funding for the Hoima and Akii-Bua stadia construction ahead of hosting the African Cup of Nations in 2027 and the initiation of the Standard Gauge Railway construction.
Shs30 billion has also been allocated to kick-start the process of establishing Busoga and Bunyoro universities, this is in addition to Shs162 billion provided for completion of Kabalega International Airport in Hoima- and plans are underway to acquire at least two mid-range aircraft and 2 cargo aircraft to facilitate exports in the medium term.
