KAMPALA-UGANDA: The National Coordinator of the Agriculture and Cooperative Bank Promoters Lt (Rtd) Moses Mugisha Magufuri Babyomera, has criticized Ugandan Parliament for passing what he termed as ‘Harsh Budget’ Sh72.130 trillion budget.
Thank you for reading this post, don't forget to subscribe!Parliament passed the national budget for the Financial Year 2024/2025, approving a total expenditure of Shs72.136 trillion following the passing of the Appropriations Bill 2024 on Thursday, 16 May 2024, reflecting a significant increase of Shs14.050 trillion from the initial budget proposal of Shs58.34 trillion.
The budget comprises recurrent expenditure of Shs18.9 trillion and development expenditure of Shs34.7 trillion, with the total amount including statutory expenditure standing at Shs72.136 trillion.
The breakdown of the budget highlights key priorities and allocations for various sectors. Human capital development emerged as the top priority, receiving Shs9.9 trillion (26.3 percent of the budget) for investments in education, healthcare, and skills development.
Governance and security was allocated Shs9.1 trillion (24.2 percent of the budget) to bolster law enforcement and national security measures. Additional allocations include Shs5.1 trillion for integrated transport infrastructure and services, Shs2.3 trillion for development plan implementation, and Shs2.0 trillion for private sector development.
Significant investments were also directed towards key sectors and initiatives, including sustainable energy development (Shs1.0533 trillion), administration of justice (Shs481.4 billion), legislation, oversight, and representation (Shs978.6 billion), climate change and environment management (Shs682.6 billion), and Digital Transformation (Shs230.9 billion).
While addressing the Media, Lt (Rtd). Moses Mugisha Magufuri questions why the Parliament allocates more money to the public administration programs than it is for other sectors of the economy like agriculture.
Magufuri said that the Agricultural and cooperative bank would be a source of good loans for farmers and local business people who are doing agricultural related business that support processing and semi processing of agricultural products.
He added that by stimulating the growth of the agriculture sector, trade and foreign exchange of the Agricultural products would save Uganda from exorbitant borrowing to finance various projects.
“A soaring public debt burden resting on the shoulders of taxpayers, where the government proposes to spend trillions on repayment, is worrying, because the projections indicate that domestic revenue will only increase from domestic tax collections. I support Dr. Ezra Suruma once Quoted that Uganda will never develop without establishing her own bank like an Agricultural cooperative bank owned by Ugandans not a Ugandan” said Lt (Rtd). Moses Mugisha Magufuri.
Lt (Rtd) Moses Mugisha Magufuri further advised the government to stop relying on the government’s interventions like Parish Development Modal among others saying that alone will not take Uganda into middle income status except real Income.
He said that the established facilities like; Agro processing, Rural industrial, Regional industrial incubation centers, Urban markets, Culture and Creative centers, all need a special financial harmonization which cannot be catered effectively by commercial banks ,hence calling for a legal flame work for establishment of Agricultural cooperative banks in Uganda.
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