Budget increased to nearly N$90 billion

Overall expenditure for the financial year 2022/2023 has been revised upwards from the N$86.4 billion initially projected in February to N$89 billion. This was revealed by finance minister Ipumbu Shiimi yesterday in parliament when he tabled the mid-term review budget.The operational budget was increased by N$2.5 billion to N$68.6 billion, compared to N$66.1 billion estimated in the main budget.The development budget will remain unchanged at N$6.5 billion for the current financial period. However, the execution rate on the development budget at mid-year stood at 32.6%. “As a result, we have reallocated a total of N$167.3 million from lagging projects to address urgent development priorities, including N$129.7 million to expedite the construction of classrooms countrywide,” Shiimi said.Interest payments are projected to increase to N$11.8 billion, while government debt is estimated to reach N$153.8 billion in the current financial year. Meanwhile, revenue is projected to increase to N$78.2 billion compared to the initial projection of N$74.4 billion in the main budget. This was due to a strong medium-term fiscal outcome, leading to an upward revision of revenues by N$3.8 billion.The preliminary revenue outturn at the end of September stood at N$40.1 billion, equivalent to 53.7% of the initial revenue projections in the budget. ReallocationsShiimi noted that in the process of compiling the budget review, additional expenditure requests to the tune of N$5.3 billion were received for consideration.A total of N$438.5 million has been added on the goods and services budgets of various votes, including N$250 million to supplement the pharmaceutical budget at the health ministry. In addition, N$40 million was allocated to complement the special fund for uncommon diseases, N$25 million to the justice ministry to cover escalating legal costs and supplement the legal aid budget, as well as N$17 million to the environment ministry to support anti-poaching activities, Shiimi said.A further N$14.5 million was allocated to the youth ministry for youth empowerment projects and the youth credit scheme.Then, N$1.2 billion has been allocated to subsidies and other transfers to government organisations inclusive of N$376.3 million to cover shortfalls on funding at Namibia Student Financial Assistance Fund (NSFAF), he added.Lastly, a total amount of N$230 million was allocated to support TransNamib’s operations, N$200 million to meet an anticipated deficit on the Public Servants Medical Aid Scheme (Psemas), N$105.3 million to supplement the contingency budget and N$87.5 million for Namibia’s contribution to the deployment of the SADC mission in the Democratic Republic of Congo.

Budget increased to nearly N$90 billion

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Namibian Sun 2025-05-06

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Budget increased to nearly N$90 billion

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Namibian Sun 2025-05-06

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