Public Finance Management Act, 1999 (Act No. 1 of 1999)

Notices

Statement of National Revenue, Expenditure and Borrowings

2025 Statements

Statement of National Revenue, Expenditure and Borrowings as at 31 March 2025

Notice No. 3172 of 2025
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Notice No. 3172

30 April 2025

GG 52578

 

National Treasury

 

The statement of actual revenue, expenditure and borrowings with regard to the National Revenue Fund as at the end of March 2024/2025 fiscal year is hereby published in terms of section 32(1) of the Public Finance Management Act, 1999.

Detailed information is available on the website of the National Treasury at www.treasury.gov.za click the Communications & Media link - Press Releases - Monthly Press Releases

 

Summary table of national revenue, expenditure and borrowing for the month ended 31 March 2025

 

R thousand

Table

2024/25

2023/24

Revised

estimate

March

Year to date

Audited

outcome

March*

Year to date



 

 

 

 

 

 

Revenue1

1

1 797 565 511

198 839 841

1 807 360 085

1 724 002 884

186 582 859

1 724 002 884

 

 

 

 

 

 

 

Expenditure1

2

2 150 287 326

211 949 688

2 144 100 681

2 046 918 929

183 226 050

2 046 918 929

 

 

 

 

 

 

 

Appropriation by vote

2

1 119 194 391

111 517 363

1 110 697 986

1 062 048 614

100 708 238

1 062 048 614

 

 

 

 

 

 

 

 

Direct charges against the NRF

2

1 036 721 948

100 432 325

1 033 402 695

984 870 315

82 517 812

984 870 315

Debt-service costs

 

388 854 277

42 318 464

385 822 134

356 109 897

34 081 532

356 109 897

Provincial equitable share

 

600 475 640

50 039 644

600 475 640

585 085 919

40 871 444

585 085 919

General fuel levy sharing with metropolitan municipalities

 

16 126 608

5 375 538

16 126 608

15 433 498

5 144 500

15 433 498

Skill Levy and SETAs

 

24 493 292

1 975 053

24 137 413

22 424 463

1 827 043

22 424 463

Other costs

 

6 772 131

723 626

6 840 900

5 316 676

595 435

5 316 676

Payments in terms of Section 70 of the PFMA

 

-

-

-

499 863

(2 140)

499 863

Land and Agriculture Development Bank of South Africa

 

-

-

-

499 863

(2 140)

499 863

MTBPS Adjustment

 

 

 

 

 

 

 

National government projected underspending

 

(3 929 300)

-

-

-

-

-

Local government repayment to National Revenue Fund

 

(1 699 713)

-

-

-

-

 

Main budget balance

 

(352 721 815)

(13 109 847)

(336 740 596)

(322 916 045)

3 356 800

(322 916 045)

 

 

 

 

 

 

 

 

Redemptions

4

(98 801 767)

(820 277)

(98 619 787)

(144 394 798)

(431 291)

(144 394 798)

 

 

 

 

 

 

 

 

Eskom debt-relief arrangement2

4

(64 154 000)

(40 000 000)

(64 000 000)

(76 000 000)

(18 000 000)

(76 000 000)

 

 

 

 

 

 

 

 

GFECRA settlement (net)3

4

100 000 000

-

100 000 000

-

-

-

 

 

 

 

 

 

 

 

Gross borrowing requirement

 

(415 677 582)

(53 930 124)

(399 360 383)

(543 310 843)

(15 074 481)

(543 310 843)

 

 

 

 

 

 

 

 

Financing of the net borrowing requirement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic short-term loans (net)

3

38 931 620

5 597 703

39 508 235

88 744 698

(11 033 801)

88 744 698

 

 

 

 

 

 

 

 

Domestic long-term loans (gross)

3

345 000 000

28 217 395

347 744 297

336 238 898

27 488 393

336 238  898

 

 

 

 

 

 

 

 

Foreign loans (gross)

3

67 027 487

3 974 864

67 356 714

45 662 970

1 679 390

45 662 970

 

 

 

 

 

 

 

 

Change in cash and other balances4

3

(35 281 525)

16 140 162

(55 248 864)

72 664 277

(3 059 501)

72 664 277

 

 

 

 

 

 

 

 

Total financing (gross)

 

415 677 582

53 930 124

399 360 383

543 310 843

15 074 481

543 310 843
1) The GFECRA cash receipt and requisition of cash recorded in Table 4 is not included in revenue and expenditure as the budget position presents the net of the cash flows related to balance sheet transactions. These transactions are recorded as part of Changes of cash and other balances.
2) Loan advance by National Treasury to Eskom in terms of the Eskom Debt Relief Act, 2023 (Act No.7 of 2023).
3) The Gold and Foreign Exchange Contingency Reserve Account Defrayal Amendment Act, Act No 27 of 2024 refers. In 2024/25, the Reserve Bank will pay R200 billion to government in partial settlement of the GFECRA balances. Of this amount government paid the Reserve Bank R100 billion towards the Reserve Banks contingency reserve requirements, as a direct charge against the National Revenue Fund. The balance of the GEFECRA receipt is recorded on the balance sheet as a reduction in the financing requirement of R100 billion.
4) A negative value indicates an increase in cash and other balances. A positive value indicates that cash is used to finance part of the borrowing requirement.
*)Figures for the month of March, prior year have been adjusted to be in line with Audited Outcome.