Budget in Q1 surplus but FY deficit still looms

Major crossing: SACU receipts were one of the major contributors to the Q1 deficit PIC: MBONGENI MGUNI
Major crossing: SACU receipts were one of the major contributors to the Q1 deficit PIC: MBONGENI MGUNI

The national budget recorded a P5.2 billion surplus in the first quarter of the financial year, a performance expected to unravel later as the Finance Ministry still expects an overall P5.7bn deficit in the fiscal year.

Figures from the Ministry show that the surplus in the first quarter of the 2023-24 financial year, a period which covers the months between April and June, was powered largely by Southern African Customs Union (SACU) receipts and mineral revenues.

The P5.2 billion surplus compares with a surplus of just P645.3 million for the first quarter of 2022-23 and a deficit of P1.4 billion for the same period in 2021-22.


Editor's Comment
A collective responsibility to end FMD spread

As cases continue to threaten herds and rural livelihoods, one simple but critical action can make a powerful difference: strictly adhering to FMD regulations, including refraining from slaughtering cloven-hoofed animals.Cloven-hoofed animals, such as cattle, sheep, goats, and pigs, are highly susceptible to FMD. Slaughter, especially during outbreaks or restricted periods, significantly increases the risk of spreading the virus through...

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