President set to deliver Annual National Budget speech today

By  Wanambwa M. Rogers

Kampala, Uganda (RTN) - President Yoweri Kaguta Museveni is set to deliver the annual Budget speech for the Financial Year 2020/21 today, Thursday, 11 June, 2020.

As has become the new norm, the president will address Parliament from State House according to the Clerk to Parliament, Jane Kibirige.

"You will recall that Parliament was adjourned to Thursday, 11th June, 2020 at 2pm when the Budget Speech for the Financial Year 2020/21 will be presented. The venue for the occasion will be South Wing Car Parking Yard, Parliament Building," said the Clerk to Parliament.

The National budget for the Financial Year 2020/21 is UGX45.5trillion and it was approved by Parliament on 24th April, 2020.

On the UGX45.5trillion budget, Uganda Revenue Authority is expected to collected UGX21.7trillion to finance it while the balance is to be borrowed and other assistance funds from countries and agencies.

In the approved budget, Ministry of Works received the biggest share, UGX5.8trillion while the least allocations include ICT, with UGX162billion, Ministry of Tourism, with UGX198billion, and the Ministry of Trade which was allocated UGX171billion.

Other allocations include UGX2.8trillion to Ministry of Health and UGX3.6trillion the Ministry of Education. The ministry also allocated UGX4trillion to interest payment.

The classified expenditure in budget has risen to UGX2.8trillion in this financial year's budget from UGX2.2trillion last year's.

According to the Parliamentary Budget Committee, the total Domestic Revenue in Financial Year 2020/21 is 48.2% of the Total Resource Envelope.  

The Uganda Revenue Authority showed that ratio of the total revenue to GDP to increase from 13.4% in FY 2019/20 to 13.9% in FY 2020/21.

This revenue to GDP is still lower than the Sub-Saharan average of 20%(IMF 2012) and OCED countries average of 34.3% as at 2015.

The theme for this year's budget remains "Industrialization for Job Creation and Shared Prosperity," and according to the Ministry of Finance, Planning and Economic Development, the Budget Strategy the Financial year 2020/21 is anchored on the Third National Development Plan (NDPIII).