The Permanent Secretary and Secretary to the Treasury at the Ministry of Finance, Planning and Economic Development, Ramathan Ggoobi, has released the first Budget Call Circular for the 2027/28 financial year, setting the preliminary resource envelope at Shs79.22 trillion.

The proposed budget is about Shs5 trillion lower than the Shs84.3 trillion budget for the current 2026/27 financial year.

The circular has been issued to all Accounting Officers and Chief Executive Officers of State-Owned Enterprises and Public Corporations to guide the preparation of Budget Framework Papers and preliminary budget estimates for the next financial year.

According to Ggoobi, the 2027/28 budget will be guided by seven strategic shifts, including revenue-led fiscal consolidation, prudent management of oil revenues, mobilisation of private capital and faster implementation of the Tenfold Growth Strategy.

He said the preliminary resource envelope underscores the need for stronger domestic revenue mobilisation and reduced reliance on borrowing and external financing.

The economy is projected to grow by 9.1% in the next financial year, up from the 7.6% growth projected for the current financial year.

The higher growth projection is expected to be driven largely by the anticipated onset of commercial oil and gas production.

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