Parliament has approved the national budget of Sh44.4 trillion for the financial year 2023/23.
The budget, which was presented to Parliament by the Finance Minister on June 15, received overwhelming support from 374 Members of Parliament.
According to the National Assembly Speaker, Dr Tulia Ackson, this constitutes an impressive 95 percent of the votes cast. Notably, there were no votes against the proposed budget, signaling a unified stance among the lawmakers.
The approved budget represents a notable increase of 7.07 percent, equivalent to Sh2.9 trillion, compared to the budget for the previous financial year. It is scheduled to take effect on July 1.
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Out of the Sh44.4 trillion budget for the financial year 2023/24, a significant portion of Sh30.237 trillion will be sourced internally.
Tanzania Revenue Authority is expected to collect Sh26.725 trillion as part of the internal revenue, while the remaining amount will be acquired through non-tax revenue.
Additionally, district, town, and city councils are set to receive Sh1.144 trillion.
The government plans to secure Sh5.466 trillion through grants and concessional loans from development partners, while an additional Sh7.541 trillion will be acquired through loans on commercial terms.
