WORD BY WORD: Here is the Budget Speech for the 2026-2027 Financial Year as Read by Finance Minister Henry Musasizi

Henry Musasizi is delivering his maiden budget speech in his capacity as the newly appointed Minister of Finance, Planning and Economic Development minister. In this report, we present the full Budget Speech for the 2026-2027 Financial Year.

But first, The Pearl Times shares some highlights from the speech.

Uganda’s economy demonstrated strong resilience in FY 2025-26, recording 6.4% growth and expanding to approximately USD 69.3 billion, according to the Budget Speech delivered by Finance Minister Henry Musasizi on Thursday, 11 June 2026.

Presenting the FY 2026-27 National Budget under the theme “Full Monetisation of Uganda’s Economy through Commercial Agriculture, Industrialisation, Expanding and Broadening Services, Digital Transformation and Market Access”, Minister Musasizi highlighted significant achievements from the outgoing financial year and outlined ambitious priorities to drive the country toward its Tenfold Growth Strategy.

Key Achievements in FY 2025-26

The Minister reported several notable milestones. Strong Economic Performance: Growth accelerated to 6.4% from 6.3% the previous year. GDP per capita rose to USD 1,420. With commercial oil production expected to begin later in 2026, growth is projected to surge to 10.2% in FY 2026-27 — the first double-digit expansion in decades.

Macroeconomic Stability: Inflation remained low at 3.8%, while the Uganda Shilling stayed stable. Foreign exchange reserves reached USD 6 billion.

External Sector Strength: Exports of goods and services nearly doubled over five years, reaching USD 18.04 billion. The country recorded a Balance of Payments surplus of USD 2.47 billion, the highest in 15 years.

Investment and Remittances: Foreign Direct Investment stood at USD 3.2 billion, while remittances from Ugandans abroad rose to USD 2.8 billion. Tourism fully recovered, generating USD 1.86 billion in receipts.

Wealth Creation & Jobs: The Parish Development Model (PDM) transferred Shs 4.4 trillion to all 10,589 parishes, benefiting over 4 million Ugandans. Formal private sector employment grew dramatically by 245% over recent years.

Infrastructure & Sectoral Gains: Progress on major irrigation schemes, roads, energy transmission lines, and oil projects (including EACOP nearing completion and 199 wells drilled for First Oil). Advances were also noted in local manufacturing (Kiira Motors, pharmaceuticals) and digital connectivity.

Priorities for FY 2026-27

The government will allocate substantial resources to accelerate monetisation and structural transformation, with a strong focus on the ATMS sectors (Agro-Industrialisation, Tourism, Mineral-Based Industrialisation including Oil & Gas, and Science, Technology & Innovation).

Major Allocations and Interventions:

Wealth Creation: Additional Shs 2.49 trillion for PDM, Emyooga, and other funds to support households, youth, women, and SMEs.

Agro-Industrialisation: Shs 2.26 trillion — the highest ever — for research, irrigation, extension services, value addition, and market access.

Tourism: Shs 567.32 billion for marketing, infrastructure, and conservation.

Minerals, Oil & Gas: Shs 473.51 billion to support exploration, refinery development, and First Oil operations.

Science, Technology & Innovation: Shs 1.14 trillion for commercialisation of innovations (Kiira Motors, pharmaceuticals, coffee value addition), digital infrastructure, and creative industries.

Enablers: Significant funding for security (Shs 10.21 trillion), transport infrastructure (Shs 8.79 trillion), and energy (Shs 2.07 trillion).

Minister Musasizi emphasised that every intervention will be judged by its contribution to jobs, household incomes, and enterprise growth. The budget marks the second year of NDP IV and the beginning of full implementation of the NRM Manifesto.

The full Budget Speech for the 2026-2027 Financial Year is HERE.

Meanwhile, there was good news from the budget speech for teachers of primary and secondary arts, as well as BTVET teachers as hundreds of billions were set aside for the salary increment. (See Details Here).