Overview:
Kasaija is expected to present the appropriations for the Sh72.130 trillion, which was passed by Parliament in May 2024.
Uganda’s Finance Minister Matia Kasaija is today Thursday expected to read the National Budget for Financial Year 2024/25.
Kasaija is expected to present the appropriations for the Sh72.130 trillion, which was passed by Parliament in May 2024.
Parliament passed the record Sh72.130 trillion national budget, up from an earlier proposed total of Sh58 trillion. This is a Sh20 trillion increment from the last financial year’s budget of Sh52 trillion.
The minister is expected to tell the country that payment of Uganda’s public debt commands the lion’s share, accounting for over Sh34.017 trillion.
The Ministry of Finance is planning to borrow sh28.768 trillion from local commercial banks to fund the national budget.
Government has also increased the amount of money it had earlier planned to borrow from the external market from Sh8.905 trillion to now Sh10.977 trillion, which is a Sh2.071 trillion increment.
Government revised its budget from Sh58.34 trillion to Sh72.12 trillion, hours before Parliament was expected to pass the 2024/25 national budget. Of the Sh14.050 trillion increment, it was indicated that Sh30.95 billion will be payment of emoluments of cultural leaders, while Sh25 billion will go towards capitalization of Vision Group.
Kasaija is also expected to highlight that part of the money will go towards the UPDF to cater for several items like; Sh172 billion for the purchase of food for the soldiers, while Sh230.16 billion will be used for the purchase of equipment for the Army,and Shs214.62Bn will be used for payment of wages and gratuity by the Ministry of Defence and Veteran Affairs.
The Ministry of Finance has earmarked Sh2.221 trillion for the commencement of the construction of Standard Gauge Railway (SGR) and the funds will go towards the acquisition of land worth 260 acres in the districts (Tororo -Mayuge), while the funds will also cater for updating the feasibility studies for western and eastern routes and undertaking Environment, Social economic Impact Assessments.
The recurrent expenditure is expected to increase to sh13.502 trillion up from sh11.486 trillion, while the development budget is also expected to increase from sh13.722 trillion to sh15.585 trillion