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Opposition kicks as Ugandan parliament increases budget by 10%

Published

2 years ago

May 19, 2023

The Ministry of Finance in Uganda has confirmed that the country’s parliament has approved a plan to raise spending by 10% to 52.73 trillion shillings in the 2023/24 fiscal year.

According to the ministry, parliament approved the proposed overall spending for the fiscal year. Uganda’s fiscal calendar runs between July-June.

Meanwhile, members of the opposition are critical of the increase in the proposed expenditure for the East African country. The government is accused of relying on borrowing to pay for spending.

Leader of the opposition in parliament, Mathias Mpuuga, while reacting to the proposed fiscal bill, stated that “borrowing has significantly increased over the years, thence gradually increasing the cost of credit. This has undermined the private sector whereby the acquisition of credit has become expensive.”

The finance ministry has however said it will not do any external borrowing in 2023/24 to ease debt-servicing pressures.

The national debt of Uganda was forecast to increase between 2023 and 2028 by in total of 7.9 billion U.S. dollars. This overall increase does not happen continuously, notably not in 2028. The national debt is estimated to amount to 34.27 billion U.S. dollars in 2028.

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Moroccan annual inflation rises to 0.8% in November

Published

2 days ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

3 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”