JOHANNESBURG - Finance Minister Tito Mboweni delivered his maiden Budget Speech on Wednesday.
Below is a list of some of the key points Mboweni highlighted in his speech:
- Eskom to receive a further R 69-billion over three years to finance debt costs and support unbundling.
"Pouring money into Eskom is like pouring water into a sieve" - Mboweni
- All government guarantees of State Owned Entities to be dependent on operational and financial reviews.
"Strategic equity partners for SOEs to be found where possible" - Mboweni
- Government will borrow R1,2-billion a day to finance expenditure and spend R1-billion daily to service sovereign debt.
- Education remains the highest budget item at R386,4-billion a year.
R 111-billion for almost 3 million needy students to study at university and R 2,8-billion allocated to eradicate pit toilets in government schools
- Sin taxes increase between 7,4 percent and 9 percent
- SAA receives further debt guarantee of R6,2-billion
- Cigarettes duties increase by R1,14 a box of 20.