June 7, 2025
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The proposed 10% increase in the 2023/24 budget approved by the Parliament of Uganda

BankView Staff532 mins

The Finance Ministry has announced that Uganda’s parliament has given its approval to a 10% increase in government spending, raising it to 52.73 trillion shillings ($14 billion) for the fiscal year 2023/24.

According to Ugandan law, lawmakers must grant approval for the government’s spending plans before they are officially presented in the budget speech. The fiscal year in Uganda runs from July to June, and the finance minister is scheduled to present the 2023/24 budget to parliament in the coming month.

On Thursday, parliament endorsed the proposed overall spending for the upcoming fiscal year, as confirmed by the Finance Ministry’s Twitter statement.

While the allocation of funds was not specified by the Finance Ministry, in previous years, the energy, transport, works, and health ministries have received a significant portion of the resources.

Opposition lawmakers have raised concerns about the government’s heavy reliance on borrowing to finance its spending. Mathias Mpuuga, the official leader of the opposition in parliament, expressed his reservations on Twitter, pointing out that increased borrowing raises the cost of credit and hampers the private sector’s ability to access affordable financing.

In response, the government defended its borrowing practices, citing the necessity of funding infrastructure and other development projects.

To alleviate the pressure of debt servicing, the finance ministry has announced that it will refrain from external borrowing in the upcoming fiscal year 2023/24.

53 thoughts on “The proposed 10% increase in the 2023/24 budget approved by the Parliament of Uganda”

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