Parliament Nods to Federal Budget Bill

Jul 9 , 2022


Last week, Parliament approved the 786.6 billion Br federal budget bill for the 2022/23 fiscal year. The budget bill is 40pc higher than what lawmakers had approved for 2021/22 and around 16pc higher when accounting for the 122 billion Br supplementary budget approved last December. The budget comprises four components: recurrent and capital expenditures, as well as subsidies to the regional states and financing projects under the millennium developmental goals. The recurrent budget comprises close to 45pc of the total. A little less than 220 billion Br has been set aside for capital expenditures. Less than 200 billion Br has been apportioned to cover regional states' subsidies and pay for development projects. Authors of the budget bill propose to cover 61pc of the budget from domestic tax revenues.


Radar

Abyssinia Bank Strategic Moves Pay Off, Driving Profit Growth

The Bank of Abyssinia (BoA) enjoyed another profitable year, amassing 4.23 billion Br net profits, an increase of 10.5pc from last year. The Bank announced total assets of 222.3 billion Br, surging by 17.3pc. Total deposits mobilised through the year climbed by 33.97 billion Br to 192.51 billion Br, while loans and advances reached 167.7 billion Br. However, the bank exhibited a nominal decline in its foreign currency earnings totalling 424 million dollars. Earnings per share also showed a ma...


Radar

$100m Project Mulls Public Transportation Make-Over

A 100-million-dollar project aims to manufacture over 5,000 diesel-powered and electric public transport vehicles for the capital. The proposed project was launched hoping to replace the ageing vehicles and improve safety, efficiency and quality across the city's urban transport system. Last week saw an MoU inked between executives of Multiverse Enterprise Plc and Addis Abeba Minibus Associations and was held at Vamdas Entertainment near Megenagna. The agreement includes plans to replace 15,000...


Radar

Safaricom Soars with 6.1 million Customers

Safaricom Ethiopia reported significant commercial growth in the first six months of the 2025 fiscal year (April to September 2024), with notable increases in both mobile (GSM) and M-PESA services. The company's network and services reached a population coverage of 46pc, growing from 30pc in the previous year. This expansion was supported by the addition of over 1,000 network sites, bringing the total to more than 3,000 across the country. Safaricom Ethiopia saw a surge in its customer base,...


Back
WhatsApp
Telegram
Email