Madam Speaker, in fulfilment of Article 155(1) of the Constitution and on behalf of His Excellency the President, I rise to present to Parliament and to the nation at large, the Budget for the Financial Year 2024/2025 as approved by Parliament.
Madam Speaker, I want to start by thanking H.E the President for once again demonstrating a vote confidence in me by extending my mandate as the Minister responsible for Finance, Planning and Economic Development, together with my entire political team at the Ministry.
Madam Speaker, I congratulate H.E. the President for successfully hosting the 19th Summit of the Non-Aligned Movement (NAM) and the Third South Summit of the G77+China, and assuming the Chairmanship of both in January 2024.
Madam Speaker, according to the 2024 Annual Investment Meeting (AIM) held in Abu Dhabi, United Arab Emirates, Uganda is now the best investment destination in Africa.
Madam Speaker, His Excellency the President declared the 2021-2026 political term, a “Kisanja for socio-economic transformation”. He guided that Government and the entire country should focus on creating jobs, wealth, and increasing household incomes.
The Budget for FY 2024/25 is the fifth, and therefore the last to implement the Third National Development Plan (NDPIII). It will also set the foundation for implementing the Government's strategy for expanding the size of our GDP from about USD 50 billion in FY2022/23 to USD 500 billion by the year 2040.
In order to consolidate the gains so far achieved, the theme for the coming financial year has been maintained as: “Full Monetisation of the Uganda's Economy through Commercial Agriculture, Industrialisation, Expanding and Broadening Services, Digital Transformation and Market Access”.
