President to present National Budget to parliament tomorrow

In fulfilment of Article 155(1) of the Constitution, H.E the President of Uganda  will tomorrow, Thursday 15 June 2023 present to Parliament the National Budget for Financial Year 2023/2024 at Kololo Ceremonial Grounds at 2pm according to Parliament.  

Article 155(1) of the Constitution states that “The President shall cause to be prepared & laid before Parliament in each financial year but in any case not later than the 15th day before the commencement of the FY, estimates of revenues & expenditure of Gov't for the next FY." 

The Budget Speech is a culmination of the budget estimates and Appropriation Bill, 2023 passed by Parliament on 18th May 2023. The budget reading process offers the country and citizens an opportunity to know Government's priorities for the next financial year.  

This Year’s theme is: “Full monetization of Uganda’s Economy through Commercial Agriculture, Industrialization, Expanding and Broadening Services, Digital Transformation and Market Access.” 

The budget for FY 2023/24 has been projected at 52.74 trillion shillings [$13.9 billion], an increase of 4.606 trillion shillings [$1.2 billion] from the previous financial year, which was 48.134 trillion shillings [$12.8 billion].

This budget is going to be financed by domestic revenues, budget support [loans, grants], domestic borrowing, interest payments, local government revenue, and project support [external].

In the presentation of this report by the budget committee in parliament, it came to light that Uganda's nominal debt to GDP fell from 53.1 percent for FY 2022/23 to 52.4 percent for FY 2023/24, a drop of 0.7 percent.