On Thursday, May 16, 2024, Parliament passed a Shs72.130 trillion national budget for the coming financial year 2024-2025.
In the running financial year 2023-2024, Parliament appropriated Shs 52 trillion.
Henry Musasizi, Minister of State for Finance, while presenting the budget in parliament, said the government will use Shs 34.017 trillion to fund Uganda’s public debt, and Shs 214.62 billion will be used for the payment of wages and gratuities by the Ministry of Defence and Veteran Affairs.
Shs 172 billion will be used to purchase food for the soldiers, while Shs 230.16 billion will be used for the purchase of equipment for the Army.
He notes that the government will use Shs 2.221 trillion to kick-start the construction of the Standard Gauge Railway (SGR) and the acquisition of land worth 260 acres in Tororo and Mayuge districts.
According to Musasizi, part of the money will be used to fund the feasibility studies for western and eastern routes and undertake environmental and social economic impact assessments.
The government intends to spend some Shs 30.95 billion to pay the emoluments of cultural leaders, while Shs 25 billion will go towards capitalizing Vision Group.
The recurrent expenditure has increased to Shs 13.502 trillion, up from Shs 11.486 trillion, while the development budget is also expected to increase from Shs 13.722 trillion to Shs 15.585 trillion.
Minister Musasizi said the Ministry of Finance is planning to borrow Shs 28.768 trillion from local commercial banks to fund the Shs 72.130 trillion national budget, adding that the government will borrow from the external market Shs 10.977 trillion.
Opposition MP Ibrahim Ssemujju of Kiira Municipality questioned why the Finance Ministry kept presenting different and contradictory figures of the national budget.
