Finance Minister to Read this Year’s National Budget Speech Next Week

This year’s National Budget Address will be delivered at Kololo on Tuesday, June 14, 2022.

The Minister of Finance is expected to read the budget speech when Parliament opens for its next session next week.

During the State of the Nation Address on Tuesday this week, the Speaker of Parliament Anitah Among announced that the budget speech would be read in the coming week.

Last month, Parliament passed Shs48.1 trillion budget for financial year 2022/23 with post Covid-19 economic recovery high on the agenda.

Under the theme “Industrialization for Inclusive growth, Employment and Wealth Creation,” projected revenue base is Shs48.1 trillion to finance the budget.

On recurrent expenditure, Ministry of Finance, Planning and Economic Development takes Shs2.3 trillion, Ministry of Defense and Veteran Affairs has been allocated Shs1.2 trillion, while Lands, Housing and Urban Development will take Shs503 billion.

On development expenditure, Defence takes Shs2.3 trillion, Ministry of Health Shs1.4 trillion, while Energy gets Shs1.4 trillion.

Uganda National Roads Authority has been given Shs2.5 trillion in development expenditure, signaling the significance of infrastructure in the post-Covid19 recovery.

The Finance State Minister, Hon. Henry Musasizi, who shepherded the Budget on behalf of President Museveni said there is need to heal the economy from the ravages of Covid-19.

The economy, said Budget Committee Chairperson, Hon. Patrick Opolot Isiagi, has grown by 3.8 per cent in the ending financial year, as against the projected 3.3 per cent.

The difference, he said, is attributed to the vaccination efforts that led to full re-opening of the economy and a surge in demand especially in areas of construction.

Alarm has also been sounded on the rising public debt, which increased by a whopping 15 per cent from 2020 to December 2021, to the last recorded Shs73.5 trillion.

Debt is expected to continue rising, with projections it will get to over 52 per cent of GDP.