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    National

    Parliament Approves 3rd Supplementary Budget in Same Financial Year

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    Parliament Approves 3rd Supplementary Budget in Same Financial Year
    • May 17, 2024 • 29 days ago
    in summary
    Parliament has approved a supplementary budget of Shs288.624 billion to fund critical projects before the close of the 20232024 Financial Year. This marks the third supplementary budget in the current fiscal year, following earlier approvals of Shs3.492 trillion and Shs1.101 trillion.

    In a significant move, the Parliament has approved a supplementary budget of Shs288.624 billion to fund critical projects before the close of the 2023/2024 Financial Year. This marks the third supplementary budget in the current financial year, following earlier approvals of Shs3.492 trillion and Shs1.101 trillion.

    During the parliamentary session, the State Minister for Finance in-charge of General Duties, Mr. Henry Musasizi, presented the breakdown of the approved funds. A substantial portion, Shs132.634 billion, is allocated to the Uganda National Oil Company (Unoc) for acquiring additional equity in the East African Crude Oil Pipeline (EACOP).

    "This funding for the Uganda National Oil Company is essential for additional equity acquisition in EACOP to meet the cash call arising from delayed financial close by the financiers," Mr. Musasizi explained. He emphasized the urgency, noting that the funds are required before July 1, 2024, to meet EACOP project obligations.

    Another significant allocation of Shs152 billion is designated for the construction of Hoima City Stadium, a project spearheaded by the National Council of Sports in preparation for the 2027 African Cup of Nations (Afcon27).

    "The Shs152 billion serves as a 30 percent advance payment for constructing Hoima City Stadium. This funding enables the contractor, M/S Summa, to commence construction to meet the December 31, 2025, deadline set by the Confederation of African Football (CAF)," Mr. Musasizi said.

    Additionally, Shs2.5 billion is earmarked for the Uganda Blood Transfusion Service to address budget shortfalls impacting blood collection, processing, and distribution operations.

    The Cabinet initially cleared the supplementary budget on Monday, and Minister Musasizi subsequently presented it to Parliament's Budget Committee on Wednesday afternoon. Despite initial resistance and delays, the plenary session convened on Thursday morning finally approved the Shs288.624 billion budget.

    However, the approval faced opposition from the Shadow Finance Minister, Hon. Ibrahim Ssemujju Nganda. He argued that frequent supplementary budgets could lead to fiscal indiscipline and abuse, as highlighted in the 2022/2023 Auditor General’s report.

    The approval of these supplementary budgets signifies an upward adjustment to the Shs52.736 trillion budget initially approved for the 2023/2024 fiscal year. The government’s approach to frequent supplementary budgets has sparked a debate on fiscal discipline and budgetary management within Parliament.

    As the financial year nears its end, the allocated funds aim to ensure the timely progress of vital national projects, from oil infrastructure to sports facilities and essential health services, reflecting the government's commitment to meeting its development goals.

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