On 13 June 2024, Tanzania’s Minister for Finance, Hon. Dr.
Mwigulu Lameck Nchemba (The Minister) presented the
Government’s TZS. 49.35 trillion 2024/25 National budget
estimates. The Finance Bill and Act for the fiscal year
2024/25 is yet to be released to the public.
The budget for fiscal year 2024/25 is the fourth in the
implementation of the Tanzania’s Third-Five Year
National Development Plan (2021/22– 2025/26) seeking
to stimulate a competitive and inclusive economy;
strengthen production capacity in industries and service
delivery; promote trade and investment; stimulate
human development and develop human resources
Further, the budget will influence industries such as
Agriculture, Minerals, Tourism, Livestock, Farming and
Fishing, Electricity, Transport and social sectors like
education and health. The aim is to increase economic
growth and employment with a view to improving the
living standards of the people. Additionally, the budget
indicates the direction towards creating a more resilient
and self-sufficient economy by supporting local industries
and addressing foreign currency challenges
This Alert prepared by ABA Alliance summarizes the key
economic overview and proposed tax and other
legislative changes. We hope that you will find it
insightful and look forward to your comments and
discussions.
Tanzania National Budget Highlights 2024 – 25 – ABA Alliance