Govt unveils K177.9-billion 2024 national budget

By Ruth Chayinda

Government has proposed to spend almost 177.9-billion kwacha in 2024.

Finance and National Planning Minister SITUMBEKO MUSOKOTWANE says of the proposed budget, 141-billion kwacha will be raised through domestic resources while 3.4 billion kwacha will be from grants.

Dr. MUSOKOTWANE has also proposed to revise Pay As You Earn -PAYE- exemption threshold to K5, 100 from the current K4, 800 in next year’s national budget.

He says the proposal is a response to concerns by Zambians that the tax burden is high due to the cost of living.

Presenting the national budget in parliament today, Dr. MUSOKOTWANE said Government has opted to revise PAYE in the midst of tight fiscal space so that relief is given to workers.

And Dr. MUSOKOTWANE has proposed to reduce PAYE from the current 37.5-percent to 37-percent.

The Minister has further allocated 701 million kwacha towards the upgrading and rehabilitation of provincial airports in Mansa, Mbala, Solwezi, Choma and Kasaba Bay.

Dr. MUSOKOTWANE has also allocated 770 million kwacha for the improvement of infrastructure in the tourism sector to attract more tourist arrivals.

And in Local Government, Dr. MUSOKOTWANE has allocated 1.4 billion kwacha for Local Government Equalization Find which will help in the remuneration of Councillors.

Meanwhile, the Economic Sector has been allocated 39.8 billion kwacha.

Of that amount, Eight billion kwacha will go towards the construction of roads while 13 billion kwacha will go to the agriculture, fisheries and livestock sectors.

Dr. MUSOKOTWANE said 8.6 billion kwacha will go towards supporting one million farmers under the Farmer Input Support Programme.

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