Scribd Logo
Upload

Welcome to Scribd!

  • 2K views

    President Museveni's 2023/24 Budget Speech

    Uploaded by

    The New Vision
    Remarks delivered by President Yoweri Museveni at the unveiling of the government's sh53 trillion budget for the fiscal year 2023/24.

    Copyright:

    © All Rights Reserved

    President Museveni's 2023/24 Budget Speech

    Uploaded by

    The New Vision
    2K views7 pages
    Remarks delivered by President Yoweri Museveni at the unveiling of the government's sh53 trillion budget for the fiscal year 2023/24.

    Copyright

    © © All Rights Reserved

    Did you find this document useful?

    Is this content inappropriate?

    Remarks delivered by President Yoweri Museveni at the unveiling of the government's sh53 trillion budget for the fiscal year 2023/24.

    Copyright:

    © All Rights Reserved
    2K views7 pages

    President Museveni's 2023/24 Budget Speech

    Uploaded by

    The New Vision
    Remarks delivered by President Yoweri Museveni at the unveiling of the government's sh53 trillion budget for the fiscal year 2023/24.

    Copyright:

    © All Rights Reserved
    of 7

    Speech

    By

    H.E. Yoweri Kaguta Museveni


    PRESIDENT OF THE REPUBLIC OF UGANDA

    At

    The reading of the National Budget – FY 2023/2024

    Kololo Ceremonial Grounds

    15th June, 2023

    0
    H.E the Vice President
    Rt. Hon. Speaker
    His Lordship the Chief Justice
    Rt. Hon. Prime Minister
    All the other Leaders of the State and the Party,
    Their Highnesses the Cultural Leaders,
    Ladies and Gentlemen.

    I thank the Minister for reading the budget on my


    behalf. As I told you in the State of the Nation address,
    our economy will be USD55.2billion by the end of the
    coming financial year. This will mean that our
    economy will have grown by 37times in size compared
    to Uganda’s economy of 1986.

    We have done a good job on the 3 tasks: minimum


    economy recovery, expansion of the sectors that had
    recovered and diversification from the original narrow
    spectrum of the Colonial times of the 3Cs and 3Ts, to
    many more commercialized products: fish, maize,
    bananas, milk, beef, cocoa, beans, gold, etc. We have
    also added a fourth task ─ the knowledge economy in,
    for instance, automobile technology,
    1
    pharmaceuticals, vaccines etc. This is in addition to
    some limited industrialization for some of the
    products in the areas of: sugar, steel products by
    recycling scrap, soap manufacture, beer, beverages,
    cement, etc. The import substitution value of these
    industrial products is about USD3.6billion and they
    are bringing into the country as export earnings
    USD1.6billion.

    However, the big proportion of our economy is still a


    raw-materials economy: Coffee, much of the cotton,
    maize, etc. Until recently, we have been importing
    leather from outside. This is where history demands
    collective and cohesive action from the NRM cadres.
    Now that we have an educated work force, that we
    have enough electricity, that we have good roads and
    that we are building or repairing the railway system,
    every effort must be made to add value to all our
    products: coffee, cotton, timber, cocoa, fish products,
    gold, iron-ore, copper, vermiculite, phosphates, petro-
    chemicals, maize, bananas, etc., etc. By doing this,
    this same economy, will jump to USD 550billion
    instead of the mere USD 55.2billion, laudable though
    it is. Why? It is because the latter (USD55.2bn)
    presupposes only a quantitative expansion of our
    economy through creating more products. My
    2
    envisioned economy of USD550billion, acknowledges
    the already achieved goal of quantitative expansion
    but adds another element of qualitative leap through
    value addition.

    That is not all, however. Remember, there are still


    39% of our households that are still spectators
    instead of being part of the players. These are the
    Bakolera ekidda kyoonka (ticme ic keken ─ working
    only for the stomach). Here below is a report written
    for me by Major Agaba about one of our wealth
    creators, Nyakaana of Rwengaaju, near Fort Portal:
    The farm sits on 1.25 acres and does the following
    economic activities:
    1. Zero grazing: it has a total number of six cows
    out of which, five are lactating. These five cows
    produce 116 litres of milk per day. A litre of milk
    in the area ranges between Shs.1,000 and
    Shs.1,200.

    Earning: He sells 100 litres per day and spends


    Shs.40,000 per day on their feeding.
    100 litres x 1,000 = Shs.100,000 – 40,000
    (expenditure). So his daily net income from cows
    is Shs.60,000/-
    3
    Daily: Shs.60,000
    Monthly: 60,000x 30 days = 1,800,000.
    Annual: 1,800,000 x 12 months = Shs.21,600,000

    2. Poultry: He has 7500 birds out of which 4500 lay


    eggs. He collects 120 trays of eggs per day and
    sells each tray at Shs.12,000.
    Earning: 120 trays x 12,000 = 1,440,000-
    1,000,000 for feeding the birds and another
    40,000 for labour costs. This, therefore, leaves
    him with Shs.400,000 as daily net income from
    chicken.
    Daily: Shs.400,000
    Monthly: 400,000x 30 days = 12,000,000.
    Annual: 12,000,000 x 12 months = Shs.144,000,000

    3. Feeds processing mini-factory: He has feeds


    processing plant which produces feeds for cows,
    chicken and pigs.
    4. Manure: He produces manure for his farm and
    also sells out to other people at Shs.600,000 per
    month.

    4
    5. Gas production: He produces a lot of gas from
    his farm and has plans of packing it in cylinders
    for sell.

    Nyakaana now employs 15 people on this 1.25 acre


    farm.

    Sometime ago, I pointed out that if seven million, one


    acre farmers, created a mere 10 jobs each, not
    Nyakaana’s 15, we would create 70million jobs ─
    more than the population of Uganda.

    Therefore, no games, delays, corruption, aloofness by


    leaders and officials on the issue of value addition and
    no relenting on PDM and Emyooga. Uganda is
    unstoppable. On the side of Agriculture, solar-
    powered irrigation.

    You heard your budget of Ug.Shs.52trillion. While I


    support that budget because there is no other
    solution in the short-run, it is important to know that
    Shs.17trillion of that budget, is to pay debts. Many
    of these debts, were being pushed by the neo-colonial

    5
    public servants until recently when I put down my
    foot and insisted on approving every loan. The way
    forward is that we should borrow less or not borrow
    at all. With discipline, we do not have to borrow at
    all. URA is also still under collecting taxes. Their tax:
    GDP ratio of 13% is not serious. In Europe, countries
    like Holland, have a tax: GDP ratio of 39.7%.

    “Ekitatta Muhima, tekimumalako ente (When a cattle


    keeper still has life, he will get new cows even if the
    old ones died”. We shall learn from the mistakes of
    the past and perform better.

    Yoweri K. Museveni
    PRESIDENT

    15th June, 2023

    You might also like