{"id":63955,"date":"2024-02-29T16:03:39","date_gmt":"2024-02-29T16:03:39","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/something-for-everyone-in-shiimis-n100b-budget"},"modified":"2024-02-29T16:32:52","modified_gmt":"2024-02-29T16:32:52","slug":"something-for-everyone-in-shiimis-n100b-budget","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/something-for-everyone-in-shiimis-n100b-budget","title":{"rendered":"Something for everyone in Shiimi\u2019s N$100b budget"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>Finance and Public Enterprises Minister Iipumbu Shiimi stunned friends and foe yesterday when he unveiled a N$100.1 billion national budget. The budget represents an increase of 12.4% from the revised estimates of the preceding year.<\/p>\n

The budget was tabled under the theme \u2018Continuing the legacy of His Excellency Dr Hage G Geingob by Caring for the Namibian Child\u2019. Its provision is to safeguard livelihoods and guard against excess reversals on gains made in the social sectors.<\/p>\n

Shiimi\u2019s budget includes N$3.2 billion in development projects funded through external loans and grants as well as N$12.8 billion in interest payments.<\/p>\n

Revenue-collection is estimated at N$90.4 billion for FY2024\/25, an increase of 11.5% from the revised estimates of the previous year.<\/p>\n

\u201cThe substantial boost to revenues stem from a positive adjustment in Southern African Customs Union (Sacu) receipts, which is estimated at N$28 billion. Over the medium-term expenditure framework (MTEF) period, revenue growth is projected to average 5% reaching N$93.6 billion by the end of FY2026\/27,\u201d he noted.<\/p>\n

The minister added that income tax on individuals is estimated to increase by N$1.3 billion over the revised estimates of FY2023\/24, value added tax (VAT) is estimated to increase by N$1.7 billion while non-mining company taxes are estimated to increase by N$759.4 million over the same period.<\/p>\n

For 2023, gross domestic product (GDP) is projected to increase to 5.6% in 2023 before moderating to 4% in 2024 and 3.9% in 2025.<\/p>\n

\u201cThe strong growth is anchored by upbeat activities in the natural resources sector, including the residual impact of ongoing petroleum exploration on domestic economic activities and the surge in uranium production following price increases,\u201d observed the minister.<\/p>\n

He further cautioned that the growth is expected to be driven by traditional engines, particularly the mining sector which is highly capital intensive. As such, it is not expected to address the pervasive and entrenched national challenges such as high unemployment, poverty, and income inequalities.<\/p>\n

Also, the operational budget is estimated at N$74.6 billion, representing an increase of 8.8% over the FY2023\/24 estimates. The increase in operational expenditure largely reflects the 5% adjustment in the civil service wage bill at a cost of N$1.7 billion to guard against the erosion of purchasing power. On the other hand, the development budget has been increased significantly by 58.1% to N$12.7 billion. This is inclusive of N$3.2 billion in grant-funded and loan-funded projects to improve infrastructure through various ministries. The development budget is equivalent to 4.6% of GDP.<\/p>\n

The operational budget also includes N$1.4 billion in once-off legacy tax liabilities of selected public enterprises. This includes those enterprises whose funding was severely reduced due to fiscal consolidation in previous years. The beneficiaries include the University of Namibia (Unam), TransNamib, Namibia Broadcasting Corporation (NBC), New Era Publication Corporation, the National Fishing Corporation of Namibia (FishCor) and the Roads Contractors Company (RCC).<\/p>\n

The public debt stock is estimated at N$165.8 billion or 60.1% of GDP during FY2024\/25.<\/p>\n

\u201cWe have budgeted N$12.8 billion to meet debt servicing obligations in FY2024\/25, equivalent to 14.2% of revenues and 4.7% of GDP. The debt servicing metrics, although stabilising, still remain above the desired benchmark of 10% of revenues,\u201d explained Shiimi.<\/p>\n

He further estimated to realise a positive primary budget balance of 1.4% of GDP during FY2024\/25. Subsequently, the budget deficit is projected at N$8.9 billion in nominal terms, equivalent to 3.2% of GDP in FY2024\/25.<\/p>\n

Turning on economic priorities, Shiimi said there is provisions to the tune of N$2.5 billion in FY2024\/25 towards railway infrastructure, and N$700 million to the informal settlements upgrading, massive land servicing and other programmes to improve access to housing opportunities nationwide.<\/p>\n

Taxing<\/p>\n

Shiimi confirmed the increase of the threshold for income tax on individuals from the current N$50 000 to N$100 000, which he announced last year. This action, he said will result in an injection of N$646 million directly into the pockets of taxpayers. Effectively, all individual taxpayers will be exempted from paying tax on the first N$100 000 of their income as from 1 March 2024.<\/p>\n

\u201cAs a measure to support improving access to housing, the brackets for transfer duties and stamp duties will be adjusted for inflation. Accordingly, the exempt level will be lifted from N$600 000 to N$1.1 million. Moreover, the threshold to trigger the transfer duty rate of 8% will be increased to N$3.15 million effective in FY2024\/25. A supertax transfer duty and stamp duty bracket for luxury residential properties will be introduced for residential properties costing above N$12.0 million,\u201d noted the minister.<\/p>\n

The Old Age Grant and the Disability Grant will be increased from N$1 400 to N$1 600 per month effective on 1 April 2024.<\/p>\n

In honour of the president Geingob, Shiimi said government recognise his dream for a significant increase in the old age grant, thus increasing it from N$1 400 to N$1 600 per month effective on 1 April 2024.<\/p>\n

Furthermore, Shiimi allocated a budget of N$8.1 billion in FY2024\/25, including N$3 billion for the Public Servants Medical Aid Scheme (PSEMAS) and more than N$700 million in transfers to public enterprises.<\/p>\n

\u201cA total of N$212 million has been budgeted for the Meat Corporation of Namibia (Meatco), inclusive of the settlement of their contingent liabilities. Meanwhile, N$300 million has been provided for TransNamib to support their day-to-day operations cognisant of significant infrastructure and operational challenges,\u201d he stated.<\/p>\n

The Anti-Corruption Commission got N$106 million in FY2024\/25, to improve implementation capacity, particularly in area of combating anti-money laundering and financial crimes.<\/p>\n

The Electoral Commission of Namibia (ECN) has been allocated N$438 million in the coming financial year to ensure smooth and timely voter\u2019s registration as well as to undertake the Presidential and National Assembly elections towards the end of the year.<\/p>\n

Stimulate<\/p>\n

Economic analysts who were expecting ways to tackle the ever-increasing government debt and initiatives to help ordinary Namibians with increasing prices, yesterday shared their thoughts with New Era.<\/p>\n

Head of research at High Economic Intelligence (HEI), Salomo Hei, said it is an expansionary budget in an election year and rightfully so. The economist welcomed the tax incentives to stimulate the economy, increase in infrastructure spending and a boost for the construction sector.<\/p>\n

\u201cTax write-offs for nonperforming public enterprises is welcomed, while SACU remain the goose that lay the golden egg. Overall, this is a good budget given that the fortunes of the country is changing drastically,\u201d he stated.<\/p>\n

Senior economist, Omu Kakujaha-Matundu said the minister tried to juggle too many competing priorities utilising a small budget.<\/p>\n

\u201cIn order to introduce a larger budget, whilst keeping to his undertaking of fiscal consolidation, the minister used the higher revenue estimated outturn of about N$90.4 billion to increase the budget to N$100.1 billion. In that sense, increasing spending without substantially increasing the estimated annual deficit. The increase in old age pension by N$200 is a welcome gesture. That will, in a small way, provide a much-needed social safety net. But the minister could have done better,\u201d said Kakujaha-Matundu.<\/p>\n

He added that the raising of the threshold will leave consumers with extra dollars in their pockets. However, not by the full amount of N$646 million, as stated by the minister, as part of it, will go back to the fiscus via VAT. Sadly, through the multiplier leakage, part of it will flow out of the country, putting a damper on economic stimulation.<\/p>\n

He took issue with the execution of the development budget even though the allocation was increased.<\/p>\n

Reactions<\/p>\n

Shortly after its tabling, New Era caught up with some lawmakers to weigh in the budget that divided opinion.<\/p>\n

For Prime Minister Saara Kuugongelwa-Amadhila, the budget is beyond satisfactory.<\/p>\n

\u201cThat is why you have heard about closing loopholes in terms of tax compliance, avoiding tax avoidance practices but also incentivising the private sector to grow by relieving the tax burden on individuals, increasing expenditures to social development, including drought relief so that we ensure that on one hand, we live within our means but on the other, we prioritise the growth of the economy,\u201d the former finance minister said.<\/p>\n

A hot topic on the day was whether Shiimi would increase the old age grant to N$2 000 or N$3 000, a wish late president Hage Geingob had vowed to fulfill before the end of his term in office.<\/p>\n

However, in a politically contested environment and with an election looming, Shiimi did not immediately heed this wish.<\/p>\n

The Premier had an explanation.<\/p>\n

\u201cOur government has committed itself to human sector development and we try by all means, even in years that are not election years, to give the most that we can give to social programmes and development programmes to optimise growth and human development. You can see here that as has been the case always [over the years], we look at social grants and the rate of increment is higgher than usual, except that year when it was almost doubled during the first year of the presidency of the late Dr Geingob. But we remain committed to ensuring that his legacy, which was really the legacy of the government and the legacy of Swapo will continue so that within the period, we would eventually not only bring the pension benefit to N$3 000, but we will achieve what he intended to achieve to ensure that what we give to our elderly enables them to live a life of dignity,\u201d she said.<\/p>\n

Youthful Landless People\u2019s Movement MP, Utaara Motuu\u2019s chief takeaway from the presentation were the tax relief interventions.<\/p>\n

\u201cThe intervention by the government to ensure taxpayers are relieved is a welcomed suggestion that is even given praise by the opposition because we are all affected by this,\u201d Mootu said.<\/p>\n

Popular Democratic Movement parliamentarian Vipuakuje Muharukua said the budget was balanced, despite some shortcomings.<\/p>\n

\u201cInstead of focusing broadly and generally on revenue collection [income tax and VAT], we should also be focusing on generating income from industry. I did not see the emphasis on that. The agricultural sector is one of the sectors that really keeps the economy going. But I am not seeing emphasis directly on that,\u201d Muharukua said.<\/p>\n

Health minister Kalumbi Shangula said yesterday\u2019s budget is one of the best he has ever come across.<\/p>\n

\u201cThis is really commendable that the minister of finance has been able to make such a well-balanced budget and presented it in the finer details and in such simple terms that it is understood by everybody,\u201d Shangula said.<\/p>\n

Veteran politician and United Democratic Front lawmaker Dudu Murorua was impressed but pointed out underfunding on water supply as a shortcoming.<\/p>\n

\u201cIf we don\u2019t concentrate as a nation on the construction of dams for water catchment so that we can build more food systems, then I think we will at the end be borrowing from other countries,\u201d Murorua said.<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. Finance and Public Enterprises Minister Iipumbu Shiimi stunned friends and foe yesterday when he unveiled a N$100.1 billion national budget. The budget represents an increase of 12.4% from the revised estimates of the preceding year. 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