Tanzania pegs 2024/25 Budget at Sh47.4 trillion

Dar es Salaam. The government has pegged its 2024/25 Budget at Sh47.42 trillion.

This is about Sh3 trillion higher than the current financial year’s Sh44.39 trillion Budget.

Finance minister Mwigulu Nchemba said when presenting Budget recommendations and the 2024/25 National Development Plan framework in Parliament in Dodoma on Monday that Sh34.43 trillion would be collected from domestic sources. This is equivalent to 72.6 percent of the entire budget.

“Development partners are expected to contribute Sh4.29 trillion. The government expects to borrow Sh6.14 trillion domestically and Sh2.55 trillion will be sourced from foreign lenders,” he said.

Dr Nchemba added that domestic revenue would be boosted through new sources and improving collection systems for institutions with joint service provision such as one-stop centres by having an integrated payment number to make tax payments easier.

“The government will also implement policies aimed at promoting electronic payments and move away from cash-dependent setups, formalising micro and small businesses and service providers and establishing new patriotism awards through the electronic fiscal device (EFD) receipt system.”

The government also plans to improve the general economy by boosting the private sector’s participation in business and investment and continue to mitigate risks associated with natural and unnatural factors such as drought, war, epidemics and floods.

“We will continue to implement development projects and sustain food security, good governance, unity, peace and security both within the country and in neighbouring nations,” Dr Nchemba said.