Uganda’s government fell short of achieving the 2022 revenue surplus target by 180.51 billion shillings ($42.9 million) due to underperforming revenue sources, The Monitor newspaper said. 

The overall fiscal surplus reached 335.42 billion shillings ($4.12 billion) in December 2022, lower than the expected surplus of 515.93 billion shillings, the Finance Ministry said in its monthly macroeconomic policy report. 

“This was on account of the shortfalls registered under revenue and grants, which more than offset the lower-than-planned expenditure during the month,” the ministry stated. 

Revenue and grants hit 2.782 billion shillings against a target of 3.193 billion shillings for December 2022. 

Domestic revenue collections stood at 2.634 trillion shillings in December 2022 against a target of 2.950 trillion shillings as tax and non-tax collections registered shortfalls, the report noted.

(Editing by Seban Scaria seban.scaria@lseg.com )