Parliament Approves Shs52.7 trillion Budget for FY 2023/2024

Parliament has Thursday considered and approved Shs52.73 trillion Annual Budget for Financial Year 2023/2024 in accordance with the Public Finance Management Act, 2015.

Section 14(1) of the Public Finance Management Act, 2015 requires that Parliament shall, by the 31st day of May of each year, consider and approve the annual budget, work plans of government for the next financial year, the Appropriation Bill and any other bills that may be necessary to implement the annual budget.

During Thursday sitting, MPs passed the Appropriation Bill, 2023 which allocated Shs52.73 trillion for the next financial year compared to Shs49.9 trillion that was passed in FY 2022/2023, reflecting an increase of 2.74 trillion.

The bill now awaits the President’s assent ahead of the National Budget reading in June. Out of the resource envelope of Shs52.73 trillion, Shs 21.4 trillion is for the statutory vote, while the development budget takes Shs14.4 trillion and recurrent expenditure takes Shs16.8 trillion.