High Expectations Ahead of Minister Godongwana’s Budget Speech

High Expectations Ahead of Minister Godongwana's Budget Speech (News Central TV)

The Budget Speech, which would be delivered by South Africa’s Minister of Finance Enoch Godongwana, will be followed by the State of the Nation Address (SONA), will explain spending and provide recommendations on how President Cyril Ramaphosa’s initiatives will be supported.

It is expected to outline the funds to be allocated to different sectors of Government, departments, and State entities.

The allocation of funds in the budget seeks to establish a balance between conflicting national expenditure goals. Amongst them include: learning and culture, health, social development, community development, economic development, peace and security, and general public services.

Minister of Finance Enoch Godongwana

Minister Godongwana is also expected to introduce the Appropriation Bill and to table the Division of Revenue Bill to Parliament.

He would also reveal the key budget income projections, gross debt, total consolidated spending, and economic forecasts for the region.

Below are the list of things expected to be announced in the Budget Speech:

Corporate and personal income tax rate.

Alcohol and tobacco tax increases.

Fuel levy and UIF contributions increase.

The Special COVID-19 social relief of distress grant and increases in old age, disability, care dependency, child support, and foster care grants.

Municipalities will receive more than R450 billion over the 2022 Medium Term Expenditure Framework (MTEF).

Allocation to the Infrastructure Fund.

Funding for higher education will total R158.8 billion.

The National Skills Fund and sector education and training authorities will receive R1.4 billion in 2022/23.

An additional provisional allocation of R20.5 billion in 2022/23 for wage bill adjustments.

The amount allocated to State-Owned Enterprises such as Eskom.

The amount allocated to purchasing and manufacturing of vaccines.

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