By Business Insider Reporter
Ministry of Finance has reported solid progress in delivering its mandate for the 2024/25 financial year, with notable achievements in domestic revenue mobilisation, debt management, digital reforms, and public financial governance.
In his annual budget address to Parliament today June 4, 2025, Finance Minister Dr Mwigulu Nchemba, said the government collected TSh37.91 trillion in domestic revenue by April 2025 – equivalent to 84.1 percent of the annual target.
The Tanzania Revenue Authority (TRA) accounted for TSh24.45 trillion of the total, buoyed by the ongoing digital transformation of tax systems through platforms like TANCIS and IDRAS.
“Our fiscal operations in the ending year reflect prudent financial management and the effective implementation of institutional reforms,” Dr Nchemba noted.
Fiscal discipline and debt management
The Ministry managed a budget of TSh16.55 trillion for its operations, of which TSh13.71 trillion (86.5%) had been received and TSh13.46 trillion disbursed by April.
A significant portion – TSh10.19 trillion – went toward debt servicing, underlining the government’s commitment to maintaining debt sustainability amid expanding public investment.
To support these efforts, the Ministry enhanced the CS-Meridian debt management system and integrated it with national financial platforms including the Bank of Tanzania’s CBS and the MUSE government accounting system, enabling real-time debt tracking and improved transparency.
Driving public finance digitisation
One of the Ministry’s standout achievements was the integration of 11 financial systems across public institutions, streamlining budget execution, contract management, and asset control.
Notably, a digital pension verification system was launched, allowing retirees to confirm eligibility remotely – reducing bureaucratic bottlenecks and operational costs.
The Ministry also trained over 1,600 internal auditors and risk officers to reinforce public finance accountability, while more than 49,000 citizens benefited from financial literacy programmes across various regions.
Support for Capital Markets and SMEs
In efforts to deepen financial markets and mobilise development capital, the Capital Markets and Securities Authority (CMSA) approved 15 new financial products worth TSh481 billion, while the Tanzania Mercantile Exchange (TMX) facilitated commodity trading worth over TSh2.4 trillion.
Through development banks such as TADB and TIB, the Ministry oversaw the disbursement of TSh286 billion in loans, supporting agriculture and entrepreneurship.
Looking ahead
As the economy grows at a projected 5.5 percent with inflation contained at 3.1 percent, the Ministry’s performance sets a strong foundation for the upcoming fiscal year.
With foreign reserves covering over four months of imports and new PPP projects under review, the government is poised to maintain momentum in public investment while upholding macroeconomic stability.
“We are building systems that support inclusive growth, fiscal sustainability, and digital transformation,” said Dr. Nchemba. The Ministry’s 2024/25 implementation report reflects not just numbers, but a strategic shift towards more modern, transparent, and performance-driven public finance management.
