NICKSON MABERI
Summary: Uganda has officially launched the National Budget Month for the fiscal year 2023/24. The budget, which amounts to Shs 52.737 trillion, aims to accelerate inclusive and green socio-economic transformation. Key priorities include the implementation of the Parish Development Model, upgrading transport infrastructure, promoting small-scale solar-powered irrigation, and investing in industrial parks, oil and gas, research and development, tourism, and domestic revenue mobilization. The budget is projected to drive economic growth to 6 percent in the next financial year, with GDP expected to reach UGX 206.54 trillion. The government has encouraged public participation through various activities during National Budget Month, including media engagements, awards for outstanding government agencies, conferences, and regional meetings.
In Detail:
Uganda kicked off the National Budget Month for the fiscal year 2023/24 with the launch event at the Uganda Media Center on May 30.
Ramathan Ggoobi, the Permanent Secretary/Secretary to the Treasury at the Ministry of Finance, Planning & Economic Development, said the budget strategy for FY 2023/24 focuses on the total monetization of Uganda’s economy through commercial agriculture, industrialization, expanding and broadening services, digital transformation, and market access. The budget aims to accelerate inclusive and green socio-economic transformation, supporting economic recovery, job creation, and wealth generation.
He said key priorities in the budget include the effective implementation of the Parish Development Model (PDM) to lift Ugandans out of subsistence farming, infrastructure development such as the construction of the Standard Gauge Railway (SGR) and road maintenance, and the promotion of small-scale solar-powered irrigation to adapt to climate change.
Other areas of focus are the development of infrastructure in industrial parks, investment in the oil and gas sector, support for science-based research and development, continued support to the private sector, investment in tourism promotion, and enhanced domestic revenue mobilization.
The FY 2023/24 budget amounts to 52.737 trillion Ugandan shillings, an increase from 48.130 trillion in the current financial year. The funding, Ggoobi said, will come from domestic resources, project support, budget support, and domestic refinancing. Economic prospects for Uganda are positive, with GDP growth projected to reach 5.5 percent by the end of the current financial year and 6 percent in FY 2023/24. The GDP per capita is expected to rise to USD 1,182.
Furthermore, the government emphasized the importance of transparency, accountability, and citizen participation in the budget process. The National Budget Month aims to increase public ownership and awareness of the budget, provide knowledge on effective budget monitoring, identify areas for improvement, enhance resource allocation, and promote tax compliance.
During National Budget Month, various activities will be carried out, including media engagements, budget reading, service excellence awards, conferences, regional meetings, and corporate social responsibility initiatives.
Ggoobi expressed gratitude to partners, including the Bank of Uganda, Uganda Revenue Authority, Civil Society Budget Advocacy Group, and private sector organizations, for their collaboration in increasing citizens’ participation in the budget process.
Citizens are encouraged to participate in the National Budget Month activities to gain a better understanding of the budget and contribute to improved accountability and service delivery. The budget speech for FY 2023/24 will be delivered on June 15, 2023.