Museveni Set to Deliver FY 2020/2021 Budget Speech

President Kaguata Museveni is set to deliver the 2020/21 financial year Budget speech today Thursday, June 11 from the state house Entebbe. The President will address Parliament through a hybrid of virtual and physical Parliament from state house due to the coronavirus fears.

“You will recall that Parliament was adjourned to Thursday 11th, June 2020 at 2pm when the Budget Speech for the Financial Year 2020/2021 will be presented. The venue for the occasion will be at the South Wing Car Parking Yard, Parliament building,” Jane Kibirige, Clerk to parliament said.

The national budget for 2020/2021 was passed by Parliament on Friday April, 24. The budget passed was up to a tune of 45.4 trillion shillings.

According to the Ministry of Finance, Planning and Economic Development, the Budget Strategy for next Financial Year is anchored on the Third National Development Plan (NDPIII) and the theme remains ‘Industrialization for Job Creation and Shared Prosperity’.

The GoaI of the Plan is to increase household incomes and improve the quality of life of Ugandans.

According to the approved budget, the Ministry of Works received the biggest share of Shs5.8 trillion followed by the Security sector with a share of Shs4.5trillion.

Interest payment has been allocated a sum of Shs4tn while the Ministry of Education received Shs3.6trillion followed by the Ministry of Health that has received Shs2.8tn off the total budget.

The sectors that received the least allocations include ICT with Shs162 billion, Ministry of Trade was allocated Shs171 billion shillings while Ministry of Tourism was allocated Shs198bn.

The passed budget by Parliament has increased the Classified expenditure from 2.2 trillion shillings to 2.8trillion for the next financial year.

Uganda Revenue Authority (URA) is expected to collect 21.7 trillion shillings to finance the budget and the total revenue as the ratio to GDP is projected to increase marginally from 13.4% in FY2019/20 to 13.9% in FY 2020/21.

Kleive Calvin