The upcoming budget for the fiscal year 2025-26 will be significantly different from the previous one, according to Dr. Mohammad Abdul Majid, former chairman of the National Board of Revenue (NBR) and current chairperson of the Social Development Foundation (SDF).
Speaking at a seminar organized by the Industrialists and Businessmen Welfare Foundation on Sunday, February 23, at the National Press Club, Dr. Majid explained that this year’s budget would differ greatly from the 2024-25 budget, which was formulated during an election year.
Dr. Majid pointed out that the previous budget, which focused on substantial expenditures, was designed to maintain stability during an election period. He further emphasized that since the political shift on August 5, the country’s economy has been fragile, and the government is facing new challenges. As a result, the 2025-26 budget would have a much smaller scale, with a focus on eliminating wasteful spending and redirecting misappropriated funds.
The former NBR chairman also highlighted the country’s declining commodity prices, remittances, and reserves, urging the need to find alternative paths for national revenue. He suggested that, if the nation were to embrace the practice of Zakat (charitable giving), the government would not need a separate budget for social safety nets, as Zakat could help control inflation and ensure that education and health budgets are not in deficit.
Liberty News’ economic correspondent states that the seminar, chaired by Muhammad Shahidul Islam, President of the Industrialists and Businessmen Welfare Foundation, was also addressed by several notable figures, including Abdul Hake, Managing Director of Hawks Bay Automobiles Limited, and Mohammad Hatem, President of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA).
LND/BAIZID
