Parliament Scheduled to Pass National Budget This Week
The parliament Budget committee which is chaired by Kachumbala MP Patrick Isiagi and assisted by Elgon County MP Ignatius Wamakuyu, on Monday 15th May 2023 held a meeting to produce the report that will guide Parliament pass the national budget.
The parliament Budget committee which is chaired by Kachumbala MP Patrick Isiagi and assisted by Elgon County MP Ignatius Wamakuyu, to produce the report that will guide Parliament to pass the national budget, was conducted on Monday 15th May 2023.
The budget for the upcoming fiscal year is estimated to be sh51.9 trillion, of which sh29.3 trillion is expected to come from tax collections by the Uganda Revenue Authority, according to the updated budget estimates that state minister of finance Henry Musasizi gave to Parliament last week.
The Budget Act, the Public Finance Management Act, and the Constitution all give Parliament authority over how money is allocated in the national budget. The national budget for 2023–2024 will be the fourth budget for implementing the five-year 2020–2025 third National Development Plan (NDPIII), which among other goals seeks to reduce poverty in Uganda to 15% and raise per capita income (the average annual income of each Ugandan) to $1300 (sh4.8 million).
According to the most recent data, Uganda has a per capita income of $1052 and a poverty rate of 20.3%. According to a World Bank assessment published this week, Uganda has not significantly reduced poverty over the past ten years.
In its January 2023 report on the Budget Framework Paper (draft national budget) for the next financial year of 2023/2024, Parliament implored the executive to ensure more resources are allocated to the productive sectors of Agriculture, ICT, tourism, and industry to improve the performance of NDPIII.
Last week the National Planning Authority launched the midterm review report which indicates that the performance of NDPIII is only at 17%. According to the midterm review report, the poor performance of NDPIII is attributed to weak planning and inadequate budgeting for core projects and productive sectors.
