On Wednesday, 8th, February, the Minister of Finance and Economic Planning Dr. Uzziel Ndagijimana
presented to Parliament, the 2022/2023 revised budget on behalf of Government.
Minister Ndagijimana announced that the proposed budget revision will increase the Government spending by 106.4 billion Rwandan francs, a 2.3% increase to 4,764.8 billion Rwandan francs from 4,658.4 billion Rwandan francs as announced in the original budget in June, 2022.
This revised budget will support continued economic recovery, supplement job creation efforts and continue to facilitate businesses to recover from covid-19 impact.
Additional Investments in education, healthcare, ICT, and agriculture will be at the forefront of
the ongoing government effort to invest in Rwanda’s future, through the National Strategy for
Transformation (NST1).
Talking to the Parliament Dr. Uzziel stated that “In general the increase will help in different aspects and
projects such as raising the salaries of teachers, recruiting new teachers, supporting farmers with
modern fertilizers, increasing the produce of coffee and also filling in the loopholes that were discovered
in other different sectors of the government”.
The proposed revised budget contains several important adjustments, such as an increase of domestic
revenues by Frw 115.2 billion from Frw 2,372.4 billion in the original budget to Frw 2,487.6 billion
making it a 5 % rise, while domestic financing increased by Frw 39.4 billion from Frw 282.6 billion in the
original budget to Frw 322 billion.
According to the Finance minister there should be a rise in the figures contained in the National Budget.
”We are requesting for the national budget that is currently scaled at 4,658.4 billion Rwandan Francs to
be increased to 4,764.8 Rwandan Francs the estimated increase will be 106.4 billion Rwandan francs
which is equivalent to 2.3 %“, Minister Ndagijimana said.
A stronger recovery has increased government revenues, including Frw113.2 billion increase in tax
revenue from Frw 2,067.7 billion in the original budget to Frw 2,180.9 billion representing 5.1% increase.
Furthermore, non-tax revenue is expected to increase by Frw 2 billion from Frw 304.6 billion to Frw
306.7 billion, thanks to the continued recovery through increased internally generated revenue streams.
Despite persistent challenges stemming from COVID-19 effects, global supply chain issues, inflationary
environment and impact of climate shocks, our economy continues to show strong signs of recovery.
“Over the first three quarters of 2022, the economy registered an 8.5% growth, with signs of beating
projections. This budget revision reflects these successes, and the effectiveness of the economic
recovery plan in keeping businesses afloat, encouraging new investments, creating jobs, and maintaining
strong social protection for vulnerable citizens”, Minister Ndagijimana said.
It’s left for the rest of the year to see how these changes will affect the economy and the development
of Rwanda as a whole after the official authorization and confirmation of the parliament.
