The Minister of State for Planning, Henry Musasizi (pictured) has revealed that the 2023/2024 national budget has increased to Shs52.7Trn, up from Shs50.912Trn at the time the budget estimates were first tabled before Parliament.
Musasizi made the remarks during the plenary sitting ahead of the consideration of the Appropriation Bill 2023, where he attributed the increase in the budget estimates to the increase in domestic revenue projections and offers from local commercial banks to lend to government.
“The total amount for the next financial year is Shs52.733Trn up from Shs50.912Trn from the time I laid the proposed estimates for FY2023/2024. This reflects an increase of Shs1.821Trn on account of the following. Increase in domestic revenue projections 328.9Bn, increase in budget support Shs0.7Bn, increase in domestic support Shs668.6Bn, increase in local revenue projections Shs4Bn, increase in project support Shs819Bn,” said Musasizi.
The Minister also detailed how the budget will be financed including Shs33.341Trn from domestic revenue, budget support Shs2.781Trn, project support Shs8.25Trn, and domestic refinancing Shs8.358Trn.
Minister Musasizi also revealed that the overall goal of the next budget is to redirect more resource towards wealth creation, to accelerate rapid expansion of the economy and the budget was prepared in high constrained environment and only priorities will be availed.
Among the priorities pointed out include focus on peace and security, road maintenance of both tarmac and murram roads, electricity, construction of power substation and distribution lines, rehabilitation of meter gauge railway and connect with water transport and air.
