Finance Minister, Ipumbu Shiimi tables 2024/25 national budget

Finance Minister Ipumbu Shiimi has tabled the National Budget for the 2024/25 period in the National Assembly this afternoon. Shiimi said that this year’s budget was built on the three pillars of stimulating domestic demand, accelerating investments in productive public infrastructure, and cultivating fiscal prudence. Revenue estimates for FY2023/24 have been revised upwards by N$2.5 billion to a total of N$81.1 billion.

Old Age Grant and the Disability Grant will be increased from N$1,400 to N$1,600 per month effective on 01 April 2024. Provision was also made to increase the frequency of food distribution to marginalized communities for N$170.0 million, and N$284.5 million to ensure full coverage of the Orphan and Vulnerable Children Grant.

Meanwhile, a significant portion of the Government debt portfolio is due for repayment over the MTEF. The largest among these maturities is the US$750 million (N$14.3 billion) Eurobond due on 29 October 2025 – the largest single-day debt maturity in Namibian history.

As to sin taxes, while tabling the 2024/25 budget in the National Assembly on Wednesday, Shiimi announced that a 340 ml can of beer will increase by 10 cents; a 750 ml bottle of wine will go up by 18 cents; a 750 ml bottle of spirits will increase by N$3.90; a 23-gram cigar will go up by N$5.47, while the duty on a pack of 20 cigarettes will increase by 98 cents.