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The Speaker of the National Assembly of Tanzania, Dr. Tulia Ackson, announced the results of the vote on the government’s budget for the fiscal year 2024/2025. The budget was overwhelmingly approved with 362 votes, representing 92.3% of the total votes.
The budget, presented by the Minister of Finance, Dr. Mwigulu Nchemba, aims to collect and utilize TZS 49.34 trillion for the 2024/25 fiscal year. This represents an 11.2% increase compared to the previous year’s budget of TZS 44.39 trillion. The budget focuses on enhancing social services and infrastructure across the country
During the session, Prime Minister Kassim Majaliwa emphasized the importance of this budget in strengthening the national economy and improving the livelihoods of Tanzanians. He highlighted that the budget would ensure the availability of foreign currency and bolster the education, health, and infrastructure sectors to achieve sustainable development goals
Additionally, the budget includes provisions to increase lump sum payments for public servants from 33% to 40%. This move is part of the government’s efforts to improve the welfare of public sector employees, including teachers, police officers, and healthcare workers. President Samia Suluhu Hassan has directed a review of retirees’ benefits to ensure the sustainability of social security funds
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Minister Nchemba also detailed the government’s plans to address economic challenges caused by the Ukraine conflict, the impacts of COVID-19, and climate change. The government is working closely with the private sector and development partners to ensure the availability of sufficient foreign currency to meet the country’s needs
The 2024/2025 budget aims to bring positive changes to various sectors of the national economy. It is part of the sixth phase government’s efforts under President Samia Suluhu Hassan’s leadership to improve the quality of life for Tanzanians and strengthen the country’s economic stability
