Finance Ministry Tables 58 Trillion Budget for 2024–25 Financial Year


Share post:

The Minister of State for General Duties under the Ministry of Finance, Henry Musasizi, laid before Parliament on March 28, 2024, the draft budget estimates of revenue and expenditure for the Financial Year (FY) 2024/25.

Running under the theme “Full Monetization of the Ugandan Economy through Commercial Agriculture, Industrialization, Expanding and Broadening Services, Digital Transformation, and Market Access,” the 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 (UGX 58,340,862,552,130).

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.

Related articles

Col. Katabazi Calls on Student Leaders to Advocate for Mind Liberation and Practical Education

Col. Emmy Katabazi, the Deputy Director General of the Internal Security Organisation (ISO), has highlighted the pressing need...

NUP’s Constant Kidnapping Allegations Regarding Kabaka Affect Visa Renewal by Nambian Government

The National Unity Platform (NUP) leadership and its supporters’ continuous claims that the Ugandan and Nambian governments conspired...

Losing My Purity to One Who Did Not Value It: A Life-Changing Experience 

Growing up sheltered, I thought that having sex meant automatically getting pregnant, which made me jealously guard my...

Planned Violent Demonstrations on July 23: What is Expected from Organizers and Opposition

Considering who the organisers of the planned march to parliament on July 23 are, it is safe to...