OPUWO: Finance and Public Enterprise Minister, Ipumbu Shiimi, on Wednesday, tabled the national budget for the fiscal year 2024/2025 in the National Assembly, under the theme ‘Continuing the Legacy of the late President Hage Geingob by Caring for the Namibian Child.’
According to the minister, the Ministry of Mines and Energy’s budget increased by more than 50 per cent to N.dollars 381.9 million in FY2024/25, and some N.dollars 1.5 billion over the Medium Term Expenditure Framework (MTEF).
The ministry’s development budget has more than doubled, with N.dollars 131 million set aside to accelerate rural electrification and enhance access to power across the country.
In addition, the Ministry of Environment, Forestry, and Tourism received N.dollars 725.5 million, which is 19.4 per cent more than the previous year.
Shiimi noted that additional resources will help the ministry address infrastructural gaps and promote Namibia as a tourism hub.
Furthermore, the Ministry of Finance and Public Enterprises has bee
n allocated a budget of N.dollars 8.1 billion for FY2024/25, which includes N.dollars 3 billion for the Public Servants Medical Aid Scheme (PSEMAS) and more than N.dollars 700 million in transfer to public enterprises.
The Meat Corporation of Namibia (MeatCo) received a budget of N.dollars 212 million, which includes the settlement of their contingent obligations.
Meanwhile, Shiimi allocated N.dollars 300 million to TransNamib to assist their day-to-day operations, recognizing major infrastructure and operational constraints.
An additional N.dollars 88 million has been set aside for the completion of the Lderitz Waterfront project, as well as N.dollars 77 million for Agribank’s specialised subsidy programme to assist farmers whose operations have been hampered by drought circumstances.
‘The strengthening of domestic economic fundamentals and the resultant strong revenue performance have created an avenue for us to expand the spending envelope to accelerate service delivery, address the most pressing needs
and improve infrastructure development,’ he noted.
The minister put forward a budget of N.dollars 100.1 billion, representing a 12.4 per cent increase over the previous year’s revised estimates.
Source: The Namibia Press Agency