Saturday, April 13, 2024
Home > News > Gov’t Revises 2024/25 National Budget To Shs53.33Trn
News

Gov’t Revises 2024/25 National Budget To Shs53.33Trn

Finance PS, Ramathan Ggoobi.

The Secretary to Treasury, Ramathan Ggoobi has issued the Budget Call Circular for 2024/25 in which he announced the revision of the 2024/25 national budget from earlier Shs52.7Trn to now Shs53.337rn.

“The preliminary resource envelope for FY 2023/24 issued in the first budget call circular which amounted to Shs.52.723 trillion has since been revised upwards to Shs.53.336 trillion of which, Shs.29.957 trillion is domestic revenue, Shs.311 billion is budget support, Shs.4.116 trillion is domestic borrowing, Shs.9.208 trillion is project support, Shs.9.455 trillion is domestic debt refinancing and Shs287.1 billion is non-tax revenue,” read in part the Budget Call Circular.

Ggoobi announced the changes on the Ministry of Finance’s official X handle formerly Twitter where he added that although the overall budget has increased, the discretionary resource has reduced by Shs.3.469 trillion from Shs.25.205 trillion to Shs.21.736 trillion and urged Accounting Officers to ensure that fixed costs take the first call as they finalise their budgets.

According to the Ministry of Finance, the purpose of this circular is to communicate the priority areas of the budget for FY 2024/25, highlight recommendations of Parliament on the national budget framework paper for FY 2024/25 and indicate Government’s expenditure ceilings for FY 2024/25 as well as indicate the policy and administrative guidelines.

The Secretary to Treasury indicated that the priority areas for 2024/25 include; investing in the people of Uganda (Human capital Development), peace and security, roads and railways, electricity, effective management of natural disasters and international commitments.

The Ministry of Finance also announced that Government had identified 5 key growth areas to grow the economy ten-fold from the current base of US$49.5 billion in FY 2023/24 to US$500 billion over the next 15 years starting FY 2024/25 and the miracle sectors include; Agro-Industrialisation, Tourism development, Mineral based industrial development as well as oil and gas including petrochemical industry as well as science, technology and innovation (knowledge economy, research and development.

Leave a Reply

Your email address will not be published. Required fields are marked *