Treasury collects ZiG 63 billion in nine months

Finance, Economic Development and Investment Promotion Minister, Professor Mthuli Ncube, on Wednesday told parliamentarians that revenue amounting to ZiG63.1 billion against cumulative expenditures of ZiG66.5 billion was collected during the first nine months of the year.

This, he said, resulted in a budget deficit of ZiG3.4 billion.

Mthuli said the deficit is expected to remain within SADC macroeconomic convergence target of 3 percent of Gross Domestic Product by year-end as well as in 2025.

Speaking during a 2025 pre-budget seminar held in Bulawayo under the theme “Building Resilience for Sustained Economic Transformation” Mthuli said cumulative revenue collections for the period January to September 2024 amounted to ZiG63.1 billion, comprising tax revenue of ZiG58.4 billion (92.6 percent of total revenue) and non-tax revenue of ZiG4.7 billion (7.4 percent of total revenue).

“During the period January to September 2024, the main contributors to total revenue collections were as follows: Value Added Tax (26.9 percent), Personal Income Tax (20.5 percent), Excise Duty (11.7 percent), Corporate Income Tax (8.8 percent) and Customs Duty (6.8 percent).

“Cumulative expenditure from January to September 2024 amounted to ZiG66.5 billion, against a target of ZiG65.6 billion resulting in an expenditure overrun of ZiG0.9 billion.”

He further noted that during the first 10 months of the year, the economy demonstrated remarkable resilience in the face of supply chain disruptions, geo-political tensions and El-Nino-induced drought impacting agriculture, energy and socio-economic development of the country.

He said the resilience is a testament to the successful execution of strategic reforms and policies by Government.

“The effective implementation of these policies has led to the development of a robust economic environment, characterised by adaptability and the capacity to withstand these external shocks ensuring long-term prosperity for the nation.

“Going forward into 2025, the economy is expected to recover on account of expected better rainfall season,” he said.

The pre-budget seminar was held in accordance with Section 28(5) of the Public Finance Management Act, which governs the control and management of public resources, ensuring transparency and accountability in the allocation of national funds.-ebsinessweekl