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
The Boko-led administration has to tread carefully

‘When you make peace withyourself, you make peace with the world’- Maha GhosanandaThis may come at a huge cost if not handled properly. What started off on Labour Day in Letlhakane this year, where Boko was in attendance when the militant lawyer-cum-trade unionist, Robert Rabasimane rebutted the President’s address in defence of the trade union has seemingly spiralled out of control. The issue is now creating a cat-and-mouse type of a...

Have a Story? Send Us a tip
arrow up