KAMPALA, June 14, 2024 – The Ministry of Works and Transport and Ministry of Security have taken the lion’s share of the 2024/2025 national budget for the financial year 2024/2025 which kicks off on July 1, 2024.
The Shs 72.136 trillion budget was read on Thursday by Finance Minister Matia Kasaija at Kololo Independence Grounds in Kampala, with President Yoweri Museveni attending as Chief Guest.
Of the Shs 72trn, Shs 32. 3trn will be generated through revenue collection, Shs 1.3trn from external borrowing, and Shs 8.9trn from internal creditors; domestic debt refinancing [rollover]: Shs 19.8trn; and Shs 9.5trn for project support [grants and loans].
While presenting the budget, Kasaija, paid attention to the external debt repayments, which amount to Shs 3.149trn; project support [loans and grants] Shs 9.583trn; domestic refinancing, Shs 12trn, interest payments Shs 90.94trn, Bank of Uganda [BoU] recapitalisation Shs 603 billion, domestic arrears Shs 200 bln, and domestic debt payment [BoU] amounting to Shs 9.1trn.
Kasaija said Shs 4.989trn will go towards the maintenance of the roads, the building of new strategic roads, the accelerated rehabilitation of the metre gauge railway, the commencement of construction of the Standard Gauge Railway, and Shs 1.878trn for deepening agro-industrialisation.
“We will continue with the ongoing construction of up to 30 bridges and structures on the national roads, including Alla [Anzuu] Gazi [Rhino Camp], Aca [Rhino Camp], Lugogo Swamp crossing, Nabukhaya, Nambola, Nametsimeri, Sahana and Khamitsaru bridges, Rubongi, and others,” he said.
He noted that Shs 162bln has been provided for the completion and operationalisation of Kabalega International Airport in Hoima, and plans are underway to acquire two mid-range aircraft and two cargo aircraft to facilitate exports in the medium term.
According to the budget, Shs 9.588trn has been allocated to peace and security and rule of law, of which Shs 481.4bln is for the administration of justice to ensure that Uganda remains a peaceful and accountable country with law-abiding citizens.
“The relevant ministries will strengthen the capacity of security agencies to address emerging security threats, ensuring the combat readiness of security agencies to protect life and property, enhance military capability through the acquisition of various assets, strengthen the surveillance infrastructure, and support joint military operations in the region,” he said.
In the same vein, Shs 982.56bln has been allocated to the Ministry of Energy and Mineral Development to undertake access to electricity through grid expansion and connectivity projects and improve the quality of power supply through the systematic operation and maintenance of existing power infrastructure.
Shs 246bln has been allocated towards the development of ICT and digital transformation through the expansion of internet connectivity and digital infrastructure across the country.
Shs 920.86bln for the oil and gas sector to prioritise the development of the East African Crude Oil Pipeline [EACOP] hub in Tang, including the necessary infrastructure to facilitate adherence to high-quality environmental standards.
Shs 41.55bln to fast-tracking quantification and market studies for all minerals for the purpose of investor promotion; Shs 3.3bln for Space Programme activities; Shs 75bln to improve coffee value chain development; Shs 25.24bln to complete the research and start producing the vaccine; Shs 2.07bln to support Jena Herbals of Prof. Patrick Ogwang; Shs 25bln to produce and commercialise the anti-tick vaccines; and Shs 723bln to support Dei Biopharma Ltd.
Others are: Shs 32.5bln to support Kiira Motors to complete the plant and access working capital; Shs 55bln to Uganda’s Missions Abroad to support the Uganda Tourism Board [UTB] to market Uganda to potential tourists and Shs 146.26bln to support disaster response and management.
PRESIDENT MUSEVENI’S BUDGET SPEECH 13TH JUNE 2024
https://thecooperator.news/house-passes-shs72-136trn-budget-for-fy-2024-2025/
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