The government will expand domestic revenue collection in the next financial year in an attempt to reduce the borrowing rate.
While delivering the State of the Nation Address (SONA) at Kololo Independence Ground in Kampala, President Yoweri Museveni said the government expects to collect over 29 trillion shillings from domestic revenue.
He noted that in a bid to reduce borrowing, the government has also planned to rationalize agencies to avoid overspending taxpayers’ money.
The president said the government will also increase the number of industrial parks to create more employment. Currently, Uganda has about eight industrial parks, including Luzira, Bweyogere, Jinja, Soroti, and Mbarara, among others.
According to President Museveni, a total of 226 factories are operational within the eight industrial parks, and the government plans to create about 2.5 million jobs in the next five years.
He claimed that there are currently over 150 million people working in the country’s 4008 factories.
Regarding the country’s exports, the president said Uganda now exports more to Africa than to the rest of the world, with 86% of the exports going to Africa in the last 12 months.
“Uganda has in the last year exported 5.7 million bags of coffee worth US$858.7 million, fish worth US$166 million, beans worth US$132 million, sugar (US$146 million), maize (US$131 million), and industry products worth US$348.9 million,” said President Museveni.
He further noted that the production of milk increased by 193 percent, from 2.8 billion liters in 2020/21 to 5.4 billion liters in 2021/22. In the same period, the export value increased from USD $98.8 million to USD $103 million in 2022. A sector in which President Museveni is directly involved.
On wealth creation, President Museveni said the government has also planned to use Ugx 1.59 trillion to finance the implementation of parish development models across the country.
Once successfully implemented, the president said household wealth would improve, thereby bringing millions of Ugandans into the money economy. “Agriculture contributed more than 20% of the GDP. This was mainly due to an increase in quantity and quality of both coffee and diary,” said the president.
The president cautions local officials who have been getting involved in the mismanagement of funds meant for the implementation of PDM activities across the country.
“I have been told (in places where I have been) that the PDM funds have been given to people that are not eligible. I have been to the north, and we arrested those responsible. I am now coming to other zones, so every thief should prepare,” said President Museveni.
This year’s State of the Nation Address attracted several dignitaries, including religious and cultural leaders and representatives from regional governments, including Rwanda, Kenya, and the DRC, among others.
Among those in attendance are Prime Minister Robinah Nabbanja, the First Lady, Janet Museveni, ministers, MPs, and top government servants.
