CAN TANZANIA BREAK FREE AND BECOME SELF-SUFFICIENT?

“This year (2024), the United Nations begun the process of removing Tanzania from the group of the world’s least developed countries….” ?Vice President of the United Republic of Tanzania, Dr. Philip Mpango

Tanzania’s economy has grown by 5.4%?? up from 5.1% recorded in 2023 where it fell short of the annual target of 5.2%. This rate is slightly above the average of 4.4% forecasted in 2023 for member countries of the East African Community (EAC).

But at the same time, Tanzania’s government debt increased by over 19% in one year to cross the 90 Trillion mark by march 2024. (60 trillion Tsh being external national debt and 30 trillion Tsh being internal national debt.)

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TRA 2023/2024 PERFORMANCE:

In just 3 months, (April – June 2024), TRA was able to collect 7.09 Trillion which was 99.46% of the 7.13 Trillion goal that they had set. This is 24% growth than the 5.72 trillion collected last year. (2022/2023)

On the 1st of July, Tanzania Revenue Authority (TRA) announced that they had collected a total amount of 27.64 Trillion Tsh (10.4 Billion USD) in the 2023-2024 fiscal year.

This being 97.67% of the 28.3 Trillion Tsh goal that they had planned for this fiscal year

And out of this, TRA has managed to pay an 8.48 Trillion national debt which is equal to 81% of the goal set for this year.

This is how TRA performed in 2023/2024

Revenue : 27.64 Trillion Tsh (14.50% ??)

Debt payment : 8.48 Trillion (81% of Goal)

Quarter Revenue achieved: 7.13 Trillion (24% ??)

?2024/2025 EXPECTATION

30% of Tanzania’s national budget for 2024/2025 will be financed through grants and loans with commercial loans of 9.6 trillion Tsh representing over 19% of the total budget while grants and concessional loans stand at 5.13 Trillion.

From data above, is Tanzania on the path to self-sufficiency?

???Strategical grow with data !!!