Ministry of Finance Tables Budget for 2024–25 Financial Year
BY The Public Lens
Ministry of Finance has laid before Parliament the draft budget estimates of revenue and expenditure for the Financial Year (FY) 2024/25.
The Minister of State for General Duties under the Ministry of Finance, Henry Musasizi, on March 28, 2024, laid the draft budget estimates running under the theme “Full Monetization of the Ugandan Economy through Commercial Agriculture, Industrialization, Expanding and Broadening Services, Digital Transformation, and Market Access.”
This proposed budget will see significant increases from 52 trillion for 2023–24 to 58 trillion for 2024–2025.
According to Musasizi, the total budget for FY 2024/25 amounts to fifty-eight trillion, three hundred and forty billion, eight hundred and sixty-two million, five hundred and fifty-two thousand, and one hundred and thirty shillings (UGX58,340,862,552,130).
He further relayed that the priorities of the budget for FY 2024/25 include: peace and security; road maintenance and construction of strategic roads; Standard Gauge Railway (SGR); electricity transmission; wealth creation initiatives; human capital development; and manufacturing.
In line with Section 4(i) of the Budget Act 2001, the National Budget Framework Paper (BFP) is submitted to Parliament by April 1st. This is followed by discussions of the BFP by the Sessional Committees of Parliament, which submit their reports to the Parliamentary Budget Committee by the 25th of April. Between April 1 and April 25, there is a lot of consultation between the different committees of Parliament, spending agencies, and the Ministry. When these consultations are complete, Parliament consolidates their recommendations and submits them to the President by the 1st of May for consideration.
In June, the President finalises the Budget Speech after consultations, discussing Parliament’s recommendations, and providing input. The Finance Minister presents proposals, revenue measures, and a draft speech, which is endorsed by the Cabinet and presented to Parliament.
