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Home Business & Economy

Shiimi tables N$84.6-billion national budget

by editor
February 22, 2023
in Business & Economy
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Finance and Public Enterprises Minister Iipumbu Shiimbi on Wednesday tabled a N$84.6-billion National Budget for the 2023/24 financial year.

The budget, which increased by 9.7% compared to the N$61.1 billion for last year, is inclusive of N$2 billion in development projects funded outside the State Revenue Fund and N$10 billion in debt servicing costs.

“The better revenue forecasts provide us with more room to make the necessary allocations to address the most pressing needs facing our country,” he said.

Shiimi said the budget was a culmination of estimated revenue collections of N$74.7 billion for 2023/24 financial year.

“This is about 16.5% higher than the revised estimates for 2022/23FY. The significant boost to revenues stem from an upward revision in receipts from the SACU customs pool to N$24.3 billion, around N$6.4 billion higher than our previous estimates.”

Over the Medium-Term Expenditure Framework (MTEF) period, Shiimi projects revenue growth to average 7.7%, reaching N$79.8 billion by FY2025/26.

“In the outer years, the projections are anchored on gradual increases based on anticipated positive growth in nominal GDP augmented by steady SACU inflows as regional trade,” he emphasised.

Furthermore, on the domestic front, he anchored the recovery in economic activities to the gains from improved tax compliance in line with tax administration reforms resulting in upward revisions of expected collections on VAT and personal income tax.

“The estimates for FY2023/24 also account for expected dividends of N$600 million from the Namibia Post and Telecom Holdings (NPTH) Company, N$300 million from the Namibia Desert Diamonds (NamDia), N$400 million from the Bank of Namibia and over N$1.2 billion from the NamDeb Group. The expected dividends from the diamond sector have been revised down significantly relative to our expectations during the FY2022/23 Mid-Year Budget Review in line with recent global demand and price developments.”

This total expenditure envelope is composed of N$66.1 billion in operational expenditure, 10% above the FY2022/23 estimates.

“The spike in operational expenditure considers significant once-off outlays such as on the National Population and Housing Census as well as the mandatory General Registration of Voters (GRV),” he explained.

In contrast the development budget has been increased by 18.7% to N$6.5 billion.
The Finance Minister further revealed that interest payments under the financial year will amount to N$10.2 billion, which is equivalent to 13.4% of revenues and 4.7% of GDP.

“There are moderate signs of stabilisation in the debt servicing metrics, although still above the desired benchmark of 10% of revenues. Therefore, further efforts are still required over the MTEF to get on a debt reduction path and entrench fiscal sustainability,” said an optimistic Shiimi.

He further allocated N$38.4 billion to the social sectors during FY2023/24, a significant increase from N$34.4 billion in the preceding financial year, these will absorb 52.9% of the proposed budget.

Of this, the Ministry of Gender, Poverty Eradication and Social Welfare will receive N$6.5 billion, an increase from N$5.5 billion the previous year. The increase reflects adjustments to the various social grants, such as old-age and disability grants of children under the age of 18 to N$1,400 from N$1,300 and N$250, respectively.

The education sector is allocated N$16.8 billion in FY2023/24 and N$51.2 billion over the MTEF. “Of these allocations, more than N$200 million is earmarked for the recruitment of additional teachers to ensure adequate teacher learner ratios in classrooms. And a further N$570 million to cater for construction and renovation of classrooms, including officers and hostels.”

Meanwhile, Higher Education, Technology and Innovation received an allocation of N$3.8 billion representing 9.8% increase from the preceding year. The additional allocation is to cater for student funding by the Namibia Student Financial Assistance Fund (NSFAF) as well as the completion and operationalisation of the VTCs.

Health and Social Services will receive N$9.7 billion and N$29.4 billion over the MTEF.

“Within that allocation, we have availed more than N$700 million to the ministry for investments in and renovations of health facilities as well as recruitment of medical personnel, acquisition of pharmaceuticals and ambulances. During the year, the ministry will also develop the Universal Health Coverage Policy Framework to ensure that Namibians receive financial risk protection and improved access to quality health care services,” said Shiimi.

The Ministry of Sports, Youth and National Service receives N$473.2 million and a total of N$1.4 billion over the MTEF period. The allocations made provision for a total of N$162.5 million for the renovation and upgrading of the Independence Stadium in Windhoek over the MTEF.

The Ministry of Works and Transport gets N$2.9 billion and over the MTEF, the allocation stands at N$9.0 billion. This allocation is primarily for the completion of ongoing phases of road construction projects with contractual awards.

These include the finalisation of the Windhoek-Okahandja dual carriageway, finalization of Phase II of the Swakopmund-Henties Bay-Uis-Kamanjab road, completion of Phase I of the Windhoek-Hosea Kutako Airport road and retention for the upgrades to the Walvis Bay-Kranzberg railway line.

In addition, an allocation of N$100 million has been made for the expansion of the apron at the Hosea Kutako International Airport over two years.

The Ministry of Agriculture, Water and Land Reform received a total of N$2.4 billion in FY2023/24, a 22.1% increase from the previous year. “We have considered allocations to ensure sustained production at the various green scheme projects to enhance food security while the leasing process is being finalised.”

The vote of Industrialisation and Trade receives N$297.6 million and N$912.4 million over the MTEF.

The Ministry of Mines and Energy has been allocated N$250.7 million for FY2023/24, inclusive of N$50 million to expedite the electrification of rural schools and health facilities. A further N$921.1 million has been allocated to the National Planning Commission in FY2023/24, primarily to cater for the census during the year. Further provision to the tune of N$20 million has been made available for the NSA to undertake the preparatory activities for the National Household Income and Expenditure Survey to be held during FY2024/25.

The Ministry of Finance and Public Enterprises received N$5.8 billion, including N$2.7 billion for PSEMAS and N$425.4 million for transfers to Public Enterprises.

“For the current financial year, FY2022/23, a total of N$206.8 million was allocated to the Contingency Fund, of which N$179.1 million has been committed. Accordingly, I have distributed the corresponding information regarding the utilization of the Contingency Fund during the current financial year. Going forward, we have set aside N$288.3 million in the Contingency Fund for FY2023/24 to cater for unforeseen emergencies.”

The Public Safety Sector takes up the second largest share of the budget allocations, with a total share of 19.4%. For FY2023/24, an amount of N$14.1 billion is allocated and about N$43.5 billion over the MTEF.

Home Affairs, Immigration, Safety and Security receives N$6.7 billion in FY2023/24 and a total of N$21.0 billion over the MTEF.

In this allocation, provision of N$15 million has been made for the development of the Kaoko-Otavi agricultural irrigation project in the Kunene Region that will cover 250 hectares and aim to contribute to the food security of the country.

The Judiciary has been allocated N$421.5 million in FY2023/24 and some N$1.3 billion over the MTEF period, inclusive of funding to fill vacancies for critical positions to ensure speedy delivery of services.

The Ministry of Justice receives N$599.4 million and a total of N$1.8 billion over the MTEF period.

The Anti-Corruption Commission (ACC) has been allocated N$81.7 million in FY2023/24.
The Ministry of Urban and Rural Development has been allocated N$1.9 billion and N$5.7 billion over the MTEF. This allocation includes N$40 million to settle the outstanding COVID-19 water bills of various local authorities, N$96 million targeted at informal settlements upgrading in major urban centres across the country as well as N$50 million for the land compensation programme countrywide.

The Office of the President will receive an allocation of N$956.6 million in FY2023/24, an increase from N$725.7 million in the previous year.

The Office of the Prime Minister receives N$478.7 million in FY2023/24 and some N$1.5 billion over the MTEF period. This allocation includes, among others, provisions for the National Emergency Disaster Fund, drought relief as well as funding for the Data Centre infrastructure to improve the performance, resilience and security of public service Information Technology (IT) systems.

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