Uganda sees 2024/25 spending rising marginally on current fiscal year

Tuesday February 20 2024

Uganda’s Finance Minister Matia Kasaija. PHOTO | DAILY MONITOR | NMG


Uganda's government plans spending of Ush53.3 trillion ($13.74 billion) in the fiscal year that starts in July, up about 1 percent on the current year's spending, the Finance ministry said on Tuesday.

In the 2024/25 fiscal year, the government plans to direct a greater share of development expenditure to improving roads, railways and infrastructure in the oil and gas sector, the ministry said in a document laying out spending proposals.

Uganda aims to start commercial oil production in 2025, and oil sector investments have been one factor supporting economic growth alongside improved agricultural production.

Read: Museveni banks on oil, exports in economy forecast

The Finance ministry forecast the economy would expand 6.4 percent in 2024/25 compared with 6 percent in 2023/24, a similar 2024/25 projection to one given by the Finance minister in September.