FY2024-2025: How's is government going to raise extra money?
Parliament on Thursday passed a 72.130 trillion national budget, up from an earlier proposed total of 58 trillion. This is a 20 trillion increment from the last financial year's budget of 52 trillion. Uganda’s burgeoning debt will constitute the largest share of the resource envelope, meaning taxpayers will have to meet trillions in interest payments. According to new figures, government borrowing will edge up 23.26% to 10.997 trillion shillings. NTV also learned last night, on the night the budget was passed, that taxpayers will have to dig deeper into their pockets to finance the largest share of the budget, with the URA seeking to collect 32 trillion shillings going forward. Tonight, we bring you views from economists, tax experts, and legislators who say they were disappointed that an additional 13.78 trillion shillings brought to the house at the tail end of the budgeting process could have flouted legal procedures and did not follow the known budget process as per the Public Finance Management Act.
