Parliament approves Shs48.1tn Budget for FY2022/23
Got to Borrow Sh19.7tn, Domestic Revenue to raise 25.5tn
Parliament has passed the 2022/2023 financial year budget of Shs48.1tn with an Increment of Shs5tn compared to the current financial year 2021/2022
The government projects to borrow up to Shs19.7tn to finance the Budget. Human Capital Development , security and governance have taken the lion share.
The budget proposal for financial Year 2022/23 which was initially quoted at Shs47.25tn has been revised by an increment of Shs879.7bn and shoot to Shs48.13tn
According to the minister of state for finance Henry Musasizi the budget is going to be financed by domestic revenue collections projected at 25.54tn. This is an Increment of Shs3.12tn compared to the Shs22.42tn of the current financial year 2021/22
The projected borrowing in Financial Year 2022/23 has increased from 18.85tn to 19.7tn.
Of the Proposed Budget Shs34.04tn which translates 71% of the proposed budget is projected for Recurrent expenditures while Development Expenditures are projected. to amount Shs14.08tn which translates to 29%
Budget Support grants are projected to increase from Shs1.36tn in the current financial year to Shs2.090tn in FY 2022/23
The Human capital development program which has sectors like education, health and gender sector has been allocated the lion share with Sh8.7 trillion an increase from the current financial year’s budget of 7.5 trillion.
This will be followed by the security and governance at Shs7tn, integrated transport and infrastructure services at Sh4.1th Agro industrialization at 1.2tn shillings, Private Sector Development 1.59 trillion, Development Plan Implementation 1.23 trillion and Regional Balanced Development 1.19 trillion.
Others are Legislation, Oversight and Representation 724.6 billion, Natural Resources, Environment, Climate Change, Land and Water 617.4 billion, Administration of Justice 393.5 billion, Manufacturing 352.8 billion, Sustainable Urbanization and Housing 344.2 billion and Public Sector Transformation 206.2 billion shillings.
The least funded programs are Tourism Development 197.1 billion, Digital Transformation 83.13 billion, Community Mobilization and Mindset Change 73.4 billion, Mineral Development 31.2 billion and Innovation, Technology Development and Transfer 20.73billion.
However some MPs questioned allocation of Shs82bn for construction of roads in Democratic Republic of Congo when many roads in the country are limping.
The Parish Development Model has been allocated Shs1tn
The government has said it is implementing vigorous reforms in the tax administration and rationalization of tax exemptions to reduce...Read more
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