2022/2023 National budget decreases to N$61.5 billion
Finance Minister Ipumbu Shiimi on 24 February earmarked N$61.5 billion for the 2022/23 national budget, a decrease from the N$67.9 billion in 2021/22.
The three biggest beneficiaries from the budget include the social sector, economic sector and the public safety sector.
The social sector has been maintained at 45.9% or N$32.5 billion in 2022/23 financial year and will remain steady thereabout over the Medium Term Expenditure Framework (MTEF). Ministry of Education, Arts and Culture is allocated N$14.1 billion, equivalent to 19.9% of the budget. Over the MTEF, the vote will receive a sum of N$41.7 billion.
The Ministry of Higher Education, Training and Innovation receives N$3.3 billion and about N$9.6 billion over the MTEF.
The Ministry of Health and Social Services will receive N$8.4 billion in the 2022/23 financial year and N$25.2 billion over the MTEF.
Public Enterprises have been allocated N$790.7 million, and some N$2.4 billion over the MTEF to support the strategic operations of some of the public enterprises. Agriculture, Water and Land Reform are allocated N$1.9 billion, with specific allocations for water infrastructure refurbishment and development programme.
Finance will receive N$5.2 billion in FY2022/23 and about N$26.3 billion over the MTEF. The Ministry of Finance budget includes discretionary allocations amounting to N$5.5 billion and N$6.7 billion for the 2023/24 financial year and financial year 2024/25, respectively, under the contingency provision.
The Public Safety and Order sector takes up the third-largest share of the budget at 17.8%. In the 2022/23 financial year, this sector has been allocated N$12.6 billion and some N$36.6 billion over the MTEF.
“The domestic economy is projected to register positive growth over the MTEF, and public revenues are geared to gradually recover in tandem with upbeat domestic and global economic prospects,” Shiimi said.