Stanbic Bank
Stanbic Bank
Stanbic Bank
Stanbic Bank
24.7 C
Kampala
Stanbic Bank
Stanbic Bank
Stanbic Bank
Stanbic Bank

Ministry of Works and Security take the lion’s share of the Shs72t 2024/25 budget

Must read

The Ministries of Works and Transport and that of Security have taken lions, as the just-read 2024/2025 financial budget indicates.

The Shs72.136 trillion 2024-2025 budget, Shs14.050 trillion of the initial budget proposal of Shs58 trillion was approved in May.

Of the Shs72 trillion, Shs32. 3 trillion will be generated through revenue collection, Shs1.3 trillion from external borrowing, and Shs8.9 trillion from internal borrowers; domestic debt refinancing (rollover): Shs19.8 trillion; and Shs9.5 trillion for project support (grants and loans).

While presenting the budget, the Minister of Finance, Matia Kasaijja, first called attention to the external debt repayments, which amount to Shs3.149 trillion; project support (loans and grants) Shs9.583 trillion; domestic refinancing, Shs12 trillion, interest payments Shs90.94 trillion, BoU recapitalization Shs 603 billion, domestic arrears Shs 200 billion, and domestic debt payment (BoU) amounting to Shs9.1 trillion.

Kasaijja said Shs4.989 trillion will go towards the maintenance of the roads, the building of new strategic roads, the accelerated rehabilitation of the Metre Gauge Railway, the commencement of construction of the Standard Gauge Railway, and Shs1.878 trillion for deepening agro-industrialization.

“We will continue with the ongoing construction of up to 30 bridges and structures on the national roads, including Alla (Anzuu) Gazi (Rhino Camp), Aca (Rhino Camp), Lugogo Swamp Crossing, Nabukhaya, Nambola, Nametsimeri, Sahana and Khamitsaru Bridges, Rubongi, and others,” he said.

He noted that Shs162 billion has been provided for the completion and operationalization of Kabalega International Airport in Hoima, and plans are underway to acquire two mid-range aircraft and two cargo aircraft to facilitate exports in the medium term.

According to the budget, Shs9.588 trillion has been allocated to peace and security and rule of law, of which Shs481.4 billion is for the administration of justice to ensure that Uganda remains a peaceful and accountable country with law-abiding citizens.

“The relevant ministries will strengthen the capacity of security agencies to address emerging security threats, ensuring the combat readiness of security agencies to protect life and property, enhance military capability through the acquisition of various assets, strengthen the surveillance infrastructure, and support joint military operations in the region,” he said.

In the same vein, Shs982.56 billion has been allocated to the Ministry of Energy to undertake access to electricity through grid expansion and connectivity projects and improve the quality of power supply through the systematic operation and maintenance of existing power infrastructure.

Shs246 billion has been allocated towards the development of ICT and digital transformation through the expansion of internet connectivity and digital infrastructure across the country.

Shs920.86 billion for the oil and gas sector to prioritise the development of the East African Crude Oil Pipeline (EACOP) hub in Tang, including the necessary infrastructure to facilitate adherence to high-quality environmental standards.

Shs41.55 billion to fast-tracking quantification and market studies for all minerals for the purpose of investor promotion; Shs3.3 billion for Space Programme activities; Shs75 billion to improve coffee value chain development; Shs25.24 billion to complete the research and start producing the vaccine; Shs2.07 billion to support Jena Herbals of Prof. Patrick Ogwang; Shs25 billion to produce and commercialise the anti-tick vaccines; and Shs723 billion to support Dei Biopharma Ltd.

Others are: Shs32.5 billion to support Kiira Motors to complete the plant and access working capital; Shs55 billion to Uganda’s Missions Abroad to support the Uganda Tourism Board (UTB) to market Uganda to potential tourists and Shs146.26 billion to support disaster response and management.

- Advertisement -

More articles

- Advertisement -

Latest article

- Advertisement -