19 December 2024
By Isaac senabulya
The government has reduced the 2025/26 National budget to UGX 57.441Trn a drop from the current UGX 72Trn and revealed that in the coming financial year, there will be no new taxes introduced but rather there will be a revision of the current tax laws.
The revelation was made by the Minister of State for Finance, Henry Musasizi while tabling the 2025/26 National Budget Framework Paper, where he also revealed that Uganda’s economy has fully recovered from the effects of the COVID-19 pandemic that battered businesses.
Minister Musasizi added, “Uganda’s economy has fully recovered and is on the right growth path driven by investments in the tenfold economic growth areas. Currently, there is high business and investment optimism in Uganda, with inflation contained at 2.9%, way below the policy target of 5%.”
According to the Minister, the 2025/26 budget will continue to prioritize the following economic fundamentals; Peace and Security, Roads, railway and electricity, Irrigation, Reducing cost of capital, Human Capital development in health and education as well as water, international relations and disaster management.
The Deputy Speaker, Thomas Tayebwa asked Parliament sectoral committees and budget committees to scrutinize it and reminded them, Parliament has up to 1st February to pass it .
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