Uganda's Minister for Finance, Henry Musasizi, tabled in parliament a budget of Shs58.34 trillion ($15 billion) for the upcoming financial year 2024/2025, aimed at achieving the profitability of the country's economy in various spheres, the parliament said in a statement.
The budget focuses on "full monetization of the Ugandan economy through agriculture, industrialization, expanding and broadening services, digital transformation, and market access," the statement said.
The minister also emphasized the government's commitment to prioritize wealth creation initiatives, bolster investments in social sectors such as education, health, and water, and foster growth in the manufacturing industry.
"The key priority areas include peace and security, road maintenance and construction of a few strategic roads, and construction of the standard gauge railway, electricity transmission, and utilization of existing energy stock," Musasizi said, calling on the House to support the processing and passage of the bill ahead of the new fiscal year.
The new budget estimates show an increase of Shs5.64 trillion ($1.4 billion) compared to the 2023/2024 budget, which stood at Shs52.7 trillion ($13.5 billion).
The proposed budget was accompanied by five tax bills covering excise tax, stamp tax, tax procedure code, value-added tax, and income tax. According to Uganda's Parliament Speaker, Anita Among, the tax bills will help generate funds to finance the next budget.
Earlier in January, Musasizi said that the budget's priorities are peace and security, investing in people, as well as adequate disaster planning and international commitments.