Bullish Shiimi loosens the belt
National budget brings hope at last
There's a myriad of relief in the latest national budget, as the country looks to finally move on from a dreadful period.
Almost N$1.5 billion will be pumped into health and basic education within the next three budget years for better infrastructure and more staff.
About N$700 million for renovations to healthcare facilities, more medical staff, ambulances and medicines were set aside in the 2023-24 to 2025-26 budget documents, which finance minister Iipumbu Shiimi tabled in parliament yesterday.
In the 2023-24 budget year, which begins on 1 April, N$9.7 billion has been allocated to health and social services. Until 2025-26 – the medium-term expenditure framework (MTEF) - the total is N$29.4 billion.
This year, N$16.8 billion is available for basic education. Over the MTEF, this amounts to N$51.2 billion.
More than N$200 million is available for teachers, while N$570 million is intended for the construction and renovation of classrooms and hostels in particular.
Shiimi's theme for his latest budget is "economic boom and care of the poor".
Numbers
In total, government plans to spend about N$84.6 billion this year, about N$9.7 billion or almost 10% more than in 2022-23.
Public servants’ total remuneration packages will cost the taxpayer nearly N$32.9 billion in 2023-24, about 2.6% higher than in 2022-23.
Total revenue of around N$74.7 billion is targeted, an increase of around 16.5%. Of this, income from the pool of the Southern African Customs Union (Sacu) will take care of about N$24.3 billion.
This will leave government with a budget deficit of nearly N$9.9 billion, less than the nearly N$11 billion in 2022-23. Namibia's total debt is expected to increase from N$141 billion to around N$150.9 billion.
Relief
Senior citizens' pension will increase from 1 April by N$100 to N$1 400 per month. As will the monthly disability allowance. The monthly allowance for orphans and vulnerable children will increase from N$250 to N$350 per month, while the disability allowance for beneficiaries under 18 will shoot up from N$250 to N$1 400 per month.
An amount of N$69.8 million is available to help around 30 000 orphaned and vulnerable children who are currently on a waiting list.
SOEs
Contributions to various public enterprises have been cut. Some will receive somewhat more, but here are the places big money will be pumped: The struggling Agency for Agricultural Marketing and Trade (Amta) gets N$72 million annually for three years, which adds up to N$216 million.
Agribusdev will get N$75 million per year.
Meatco will feel the pinch, receiving N$66.7 million per year, which totals N$200 million.
The Namibia Institute of Pathology can count on N$107 million and another almost N$200 million in the next two budget years.
The Namibia Airports Company will receive a once-off of N$47.5 million; there is N$50 million available for the Namibia Wildlife Resorts in the tourism industry, followed by the same amount in the coming two financial years. The Road Contractors Company will get N$55.9 million per year.
However, TransNamib will have to wait until next year for N$50 million in assistance and the same amount the year after.
The Competition Commission's assistance jumps from N$17 million to N$24 million and more per year, but the national broadcaster, the NBC, will have to make do with slightly less, N$310 million to N$320 million per year.
The Namibian Press Agency's (Nampa) costs almost double to an annual N$27 million and the state daily New Era's subsidy increases from N$10 million to N$27.5 million per year.
The Namibia Revenue Agency (NamRa) will get more than N$900 million a year compared to the previous N$400 million.
About N$700 million for renovations to healthcare facilities, more medical staff, ambulances and medicines were set aside in the 2023-24 to 2025-26 budget documents, which finance minister Iipumbu Shiimi tabled in parliament yesterday.
In the 2023-24 budget year, which begins on 1 April, N$9.7 billion has been allocated to health and social services. Until 2025-26 – the medium-term expenditure framework (MTEF) - the total is N$29.4 billion.
This year, N$16.8 billion is available for basic education. Over the MTEF, this amounts to N$51.2 billion.
More than N$200 million is available for teachers, while N$570 million is intended for the construction and renovation of classrooms and hostels in particular.
Shiimi's theme for his latest budget is "economic boom and care of the poor".
Numbers
In total, government plans to spend about N$84.6 billion this year, about N$9.7 billion or almost 10% more than in 2022-23.
Public servants’ total remuneration packages will cost the taxpayer nearly N$32.9 billion in 2023-24, about 2.6% higher than in 2022-23.
Total revenue of around N$74.7 billion is targeted, an increase of around 16.5%. Of this, income from the pool of the Southern African Customs Union (Sacu) will take care of about N$24.3 billion.
This will leave government with a budget deficit of nearly N$9.9 billion, less than the nearly N$11 billion in 2022-23. Namibia's total debt is expected to increase from N$141 billion to around N$150.9 billion.
Relief
Senior citizens' pension will increase from 1 April by N$100 to N$1 400 per month. As will the monthly disability allowance. The monthly allowance for orphans and vulnerable children will increase from N$250 to N$350 per month, while the disability allowance for beneficiaries under 18 will shoot up from N$250 to N$1 400 per month.
An amount of N$69.8 million is available to help around 30 000 orphaned and vulnerable children who are currently on a waiting list.
SOEs
Contributions to various public enterprises have been cut. Some will receive somewhat more, but here are the places big money will be pumped: The struggling Agency for Agricultural Marketing and Trade (Amta) gets N$72 million annually for three years, which adds up to N$216 million.
Agribusdev will get N$75 million per year.
Meatco will feel the pinch, receiving N$66.7 million per year, which totals N$200 million.
The Namibia Institute of Pathology can count on N$107 million and another almost N$200 million in the next two budget years.
The Namibia Airports Company will receive a once-off of N$47.5 million; there is N$50 million available for the Namibia Wildlife Resorts in the tourism industry, followed by the same amount in the coming two financial years. The Road Contractors Company will get N$55.9 million per year.
However, TransNamib will have to wait until next year for N$50 million in assistance and the same amount the year after.
The Competition Commission's assistance jumps from N$17 million to N$24 million and more per year, but the national broadcaster, the NBC, will have to make do with slightly less, N$310 million to N$320 million per year.
The Namibian Press Agency's (Nampa) costs almost double to an annual N$27 million and the state daily New Era's subsidy increases from N$10 million to N$27.5 million per year.
The Namibia Revenue Agency (NamRa) will get more than N$900 million a year compared to the previous N$400 million.
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