Finance Minister Henry Musasizi has unveiled seven strategic shifts that will guide Uganda’s national budget for the 2027/28 financial year, with a focus on accelerating economic transformation, creating jobs and increasing household incomes.
Presenting the Budget Strategy for the 2027/28 financial year at Speke Resort Convention Centre in Munyonyo, Kampala, on Thursday, Minister Musasizi said the budget will be anchored on the theme: “Full Monetization of Uganda’s Economy through Commercial Agriculture, Industrialisation, Expanding and Broadening Services, Digital Transformation and Market Access.”
Minister Musasizi said the first shift will be revenue-led fiscal consolidation, with government prioritising domestic revenue mobilisation by broadening the tax base through data and technology, curbing revenue leakage and improving compliance.
He said the resources mobilised will be directed towards the Agriculture, Tourism, Manufacturing and Services (ATMS) sectors, their enablers and essential public services.
The second shift will focus on the prudent management of oil revenues, which Mr Musasizi said will be managed transparently and sustainably in accordance with the Public Finance Management Act. The third shift will involve mobilising private capital for the ATMS sectors to boost economic growth, create jobs and increase household incomes.
Minister Musasizi said government will explore innovative financing mechanisms, strengthen partnerships with the private sector and further improve the business environment to attract higher levels of foreign direct investment.
The fourth shift will be accelerating the Tenfold Growth Strategy through effective implementation of the ATMS sectors and their enablers. This, he said, will require stronger coordination among public institutions, deeper private-sector partnerships and consistency between government policies and their implementation.
The fifth shift will place jobs, exports and household incomes at the centre of the budget, with government seeking to turn economic growth into structural transformation by promoting an export-oriented economy and creating productive employment.
The sixth shift will strengthen wealth-creation programmes, including the Parish Development Model (PDM), Emyooga and the Presidential Skilling and Industrial Hubs.
“Government will strengthen the wealth creation programmes to increase production, employment and household incomes,” Minister Musasizi said.
The seventh shift will involve enforcing key budget reforms aimed at strengthening budget discipline, credibility and accountability, improving allocation of public resources and strengthening internal controls, audit systems, procurement and accountability for results.
Minister Musasizi said the 2027/28 budget and the medium-term framework will accelerate socio-economic transformation, improve service delivery and strengthen accountability for public resources.
“The ultimate objective is to ensure that every shilling of public resources contributes directly to the Tenfold Growth Strategy and full monetisation of Uganda’s economy,” he said.
The minister said Uganda’s economy is projected to grow by 10.2 per cent in the 2026/27 financial year, supported by the commencement of commercial oil and gas production, while the economy is expected to maintain average real growth of at least seven per cent annually over the medium term.
Minister Musasizi also said Uganda’s public debt remains sustainable, citing continued implementation of the fiscal consolidation agenda and sustained economic growth.
He said the stock of public debt stood at the equivalent of 54.4 per cent of GDP in the 2025/26 financial year.
