Dodoma — Finance Minister Dr Mwigulu Nchemba is today expected to table the national budget for 2024/2025 financial year, with expectations high among Members of Parliament and citizens on significant socio-economic impact.
Tanzania joins other East African Community (EAC) member states in unveiling their budgets on the same day.
This is in line with the Community's integration path, which requires them to synchronize their budget processes.
According to the budget framework presented by Dr Nchemba in March this year, Tanzania's budget for the next financial year stands at 49.346tri/-, representing an 11.2 percent increase from the current year's 44.4tri/- budget.
The budget framework shows that the government will spend 33.55tri/- and 15.78tri/-for recurrent and development expenditure, respectively.
A chunky of the public cash in the next financial year will be injected towards strategic infrastructure projects, social services and preparations for 2024 local government elections and the 2025 general election.
As Tanzania gets ready to co-host the 2027 Africa Cup of Nations (AFCON), the government is set to al- allocate significant funds in renovation of existing stadiums and the construction of new ones.
Speaking ahead of the much-awaited budget day, a Member of Parliament for Kilindi, Omary Kigua, said the budget preparation was participatory, expressing high hopes that it is going to stimulate economic transformation significantly.
"Members of Parliament have actively participated in the budget preparation process through the parliamentary budget committee," the former vice-chairperson of the Budget Committee said yesterday.
The Kilindi legislator said the budget committee ensures that elected representatives are involved in shaping the national budget, reflecting the diverse perspectives and priorities of the sectors and constituents they represent.
The lawmaker acknowledged President Dr SamiaTanzania joined other East African Community (EAC) member states in unveiling their budgets on the same day.
This aligns with the Community's integration path, which requires them to synchronize their budget processes.
According to the bud- get framework presented by Dr Nchemba (pictured) in March this year, Tanzania's budget for the next financial year stands at 49.346tri/-, representing an 11.2 percent increase from the current year's 44.4tri/- budget.
The budget framework shows that the government will spend 33.55tri/- and 15.78tri/-for recurrent and development expenditure, respectively.
A chunky of the public cash in the next financial year will be injected towards strategic infrastructure projects, social services and preparations for 2024 local government elections and the 2025 general election.
As Tanzania gets ready to co-host the 2027 Africa Cup of Nations (AFCON), the government is set to al- allocate significant funds in renovation of existing stadiums and the construction of new ones.
Speaking ahead of the much-awaited budget day, a Member of Parliament for Kilindi, Omary Kigua, said the budget preparation was participatory, expressing high hopes that it is going to stimulate economic transformation significantly.
"Members of Parliament have actively participated in the budget preparation process through the parliamentary budget committee," the former vice-chairperson of the Budget Committee said yesterday.
The Kilindi legislator said the budget committee ensures that elected representatives are involved in shaping the national budget, reflecting the diverse perspectives and priorities of the sectors and constituents they represent.
The lawmaker acknowledged President Dr Samia Suluhu Hassan's efforts in uplifting the economy, improving living standards, enhancing trade relations, and promoting key sectors such as tourism and mining.
To achieve the country's development goals, Mr Kigua emphasized the importance of prioritising the increase in domestic revenue collections to facilitate the effective implementation of the budget and reduce dependency on external donors.
"We must increase domestic production in the agricultural and manufacturing sectors, and add value to our products. But also, we should pay taxes, something we cannot avoid," he said, adding that the ongoing investments in strategic development projects seeks to promote economic growth and boost domestic revenue collection.
"Investments in strategic projects such as the Standard Gauge Railways (SGR) and Julius Nyerere Hydropower Project (JNHP) are expected to boost trade growth with neighboring land-linked countries, drive industrial development, and diversify revenue sources.
This way, we'll ease financial burden on Tanzanian taxpayers by generating additional income streams."
Mafinga Urban Member of Parliament Cosato Chumi told the 'Daily News' that the government should prioritise the construction of roads under the Engineering, Procurement, Construction, and Financing (EPC + F) programme to open economic activities.
"We should consider increasing the export of goods to address the US dollar shortage. To achieve this, we need to establish an airline route even three times a week to traditional destinations like London.
Our neighbours, Kenya and Rwanda, have succeeded in boosting the export of flowers and avocados due to the reliability of transport.
The issue is not the cost of transport, but its reliability," he said. The MP added that towards AFCON 2027, the government should provide incentives for materials to complete the infrastructure needed for AFCON, including hotels, as well as establish and promote event-based tourism, such as the Nyama Choma Festival and events like Sauti za Busara.
"This will help attract tourists who come to climb Mount Kilimanjaro and also find an event that will entice them to return next year. For instance, if you go to Brazil, there are events like the Rio Festival and Jazz Festival.
We should also invest in athletics by involving Tanzania Tourism Board (TTB) to support this sport as part of promoting ourselves," MP Chumi said.
Sharing his expectations for the next budget, Mr Augustus Fungo, Assistant Lecturer at the Institute of Finance Management said, "I am looking for a budget that will regulate inflation to provide comfort to the wananchi from the hardship currently being faced while directing focus on new sources of revenue."
"Priority should be given to productive sectors by encouraging growth while at the same time im- improving the quality of social services, thus sectors such as energy, trade and commerce, infrastructure, health, and agriculture should be given a priority," Mr Fungo added. Development projects seek to promote economic growth and boost domestic revenue collection.
"Investments in strategic projects such as the Standard Gauge Railways (SGR) and Julius Nyerere Hydropower Project (JNHP) are expected to boost trade growth with neighboring land-linked countries, drive industrial development, and diversify revenue sources.
This way, we'll ease financial burden on Tanzanian taxpayers by generating additional income streams."
Mafinga Urban Member of Parliament Cosato Chumi told the 'Daily News' that the government should prioritise the construction of roads under the Engineering, Procurement, Construction, and Financing (EPC + F) programme to open economic activities.
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"We should consider increasing the export of goods to address the US dollar shortage. To achieve this, we need to establish an airline route even three times a week to traditional destinations like London.
Our neighbours, Kenya and Rwanda, have succeeded in boosting the export of flowers and avocados due to the reliability of transport.
The issue is not the cost of transport, but its reliability," he said. The MP added that towards AFCON 2027, the government should provide incentives for materials to complete the infrastructure needed for AFCON, including hotels, as well as establish and promote event-based tourism, such as the Nyama Choma Festival and events like Sauti za Busara.
"This will help at- attract tourists who come to climb Mount Kilimanjaro and also find an event that will entice them to return next year.
For instance, if you go to Brazil, there are events like the Rio Festival and Jazz Festival.
We should also invest in athletics by involving Tanzania Tourism Board (TTB) to support this sport as part of promoting ourselves," MP Chumi said.
Sharing his expectations for the next budget, Mr Augustus Fungo, Assistant Lecturer at the Institute of Finance Management said, "I am looking for a budget that will regulate inflation to provide comfort to the wananchi from the hardship currently being faced while directing focus on new sources of revenue."
"Priority should be given to productive sectors by encouraging growth while at the same time improving the quality of social services, thus sectors such as energy, trade and commerce, infrastructure, health, and agriculture should be given a priority," Mr Fungo added.
