What you need to know:
- The three key revenue drivers were, land rentals and premiums, government payment towards debt, and kingdom-affiliated Saccos.
Buganda Kingdom yesterday released its Shs157 billion budget for the 2022/2023 financial year, with special focus on addressing economic challenges and promoting cooperatives, marketing and investments.
While presenting the budget under the theme: “For the people, with the People”, the kingdom minister of finance, Mr Robert Waggwa Nsibirwa, said they plan to construct six commercial structures, more rental houses in Mirembe Villas Kigo and refurbish Bulange at a cost of Shs22b so as to foster investment and commercial engagements.
“Cooperatives and marketing will also be considered by establishing the Buganda Chamber of Commerce and Industry to support business communities. We shall also establish the Buganda Cooperative Development Agency to support the growth and corporate governance of the kingdom officiated Sacco and cooperatives with Shs32b,” he said.
Mr Nsibirwa said the kingdom will finance Saccos to boost village savings and loan associations.
“Through enhancing the financial inclusion, the kingdom will also launch a new programme on improving the standards of their products (LINYISA OMUTINDO) where anyone in the kingdom who may not have gone to school but has a skill will be tested by qualified institutions to identify their competence and get certified ,” he said.
Mr Nsibirwa also said the kingdom will not establish any commercial trading company due to revenue and spending standpoints.
“We are focusing our efforts towards consolidating and scaling up the current commercial companies to ensure sustainability and growth,” Mr Nsibirwa said. He added that the new budget will focus on completing ongoing projects as per the 2018-2023 strategic plan.
“We shall reprioritise capital investments to align with several major social economic goals as enshrined in the kingdom’s current strategic plan. Kingdom revenues are projected at Shs157b, representing 27 percent, which is Shs33.2b higher than the forecasted outturn for this fiscal year,” he said. Outlining the kingdom’s revenue streams, Mr Nsibirwa said the key drivers will mainly be land management transactions, commercial and development partners support, growth of the kingdom affiliated Saccos, increased revenue from sports, educational institutions and the planned growth in the media, broadcasting and tourism sectors.
He said during the formulation of the budget, the committee was mindful of the fragility of our economic fiscal recovery from the devastating effects of Covid-19 pandemic.
Mr Nsibirwa also said the budget for 2021/2022 exceeded all performance milestones.
He said the Shs157b budget will be the largest spending and investment budget in the history of the kingdom since its restoration in 1993.
On the revenue front, total recurrent revenue is projected at Shs124b.
The three key revenue drivers were, land rentals and premiums, government payment towards debt, and kingdom-affiliated Saccos.
Some of the priorities in the new Budget
1. Cooperative and marketing Shs31b
2. Supporting and enhancing economic activities -Shs31b.
3. Investment and commercial engagements - Shs22b
4. Human capital and infrastructure development- Shs18b.
5. Governance - Shs7b.
6. Health sector - Shs4b
7. Environment and decent living campaign - Shs3b.
8. Culture and heritage - Shs3.1b
9. Agriculture and animal husbandry - Shs2b.
10. Youth and sports - Shs2b