The Minister of Finance, Matia Kasaija (pictured) Thursday afternoon unveiled the national budget for Financial Year 2023/2024 amounting to Shs52.7 trillion.
Under the theme ‘Full Monetisation of Uganda’s Economy through Commercial Agriculture, Industrialisation, Expanding and Broadening Services, Digital Transformation and Market Access’, the 2023/24 budget will see Uganda ‘live within its means’.
“In order to live within our means, we have reduced consumptive expenditure. During next financial year, there will be no purchase of new vehicles for political leaders and public officers except for hospital ambulances, medical supplies or distribution, agricultural extension services, security and revenue mobilization,” Kasaija said while reading the budget speech at Kololo Cremonial Grounds.
He added: “Travel abroad has also been restricted to statutory functions and for critical legal and resource mobilization functions. We will also regulate expenses on workshops and seminars.”
Out of the Shs52.7 trillion, Domestic Revenues amount to Shs. 29.7 trillion of which Shs. 27.4 trillion will be tax revenue and Shs. 2.3 trillion will be Non-Tax Revenue. Domestic borrowing amounts to Shs. 3.2 trillion, Budget support accounts for Shs. 2.8 trillion, while External financing for projects amounts to Shs. 8.3 trillion; of which Shs. 3.01 trillion is from grants, and Shs. 5.3 trillion is from loans.
According to the Budget, Appropriation in Aid, collected by Local Governments amounts to Shs. 287 billion; Domestic Debt Refinancing will amount to Shs 8.4 trillion; and Other financing Shs. 229.0 billion.
“Total expenditure will be Shs. 52.7 trillion. Wages and Salaries will amount to Shs 7.3 trillion and Non-wage Recurrent Expenditure is Shs 13.5 trillion. Government of Uganda Development Expenditure amounts to Shs 6.1 Trillion and external project support financing is Shs. 8.3 trillion,” Kasaija said.
He added that Domestic arrears worth Shs. 215.8 billion will be settled, while Appropriations in Aid (AIA) of Shs. 287 billion have been provided for.
“External debt repayments amounting to Shs. 2.6 trillion and Interest Payments of Shs 6.1 trillion, will be made. Domestic debt financing amounts to Shs. 8.4 trillion,” Kasaija said.
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