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 July 2025

Notice No. 3466 of 2025
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Notice No. 3466

29 August 2025

GG 53248

 

National Treasury

 

The statement of actual revenue, expenditure and borrowings with regard to the National Revenue Fund as at the end of July 2025/2026 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 July 2025

 

R thousand

Table

2025/26

2024/25

Budget

estimate

July

Year to date

Preliminary

outcome

July

Year to date



 

 

 

 

 

 

Revenue1

1

1 949 408 686

 

 110 631 495

 564 747 849

1 807 360 085

89 816 566

507 897 632

 

 

 

 

 

 

 

Expenditure1

2

2 310 729 739

261 480 084

741 592 702

2 144 100 680

249 763 545

720 118 302

 

 

 

 

 

 

 

Appropriation by vote

2

1 172  207 412

142 202 413

408 447 895

1 110 697 986

136 646 382

405 786 887

 

 

 

 

 

 

 

 

Direct charges against the NRF

2

1 114 810 583

119 277 671

333 144 807

1 033 402 694

113  116 163

314 331 415

Debt-service costs

 

426 345 611

62 972 911

108 672 795

385 822 134

60 612 969

104 462 212

Provincial equitable share

 

633 165 959

52 763 829

211 055 316

600 475 640

50 039 636

200 158 544

General fuel levy sharing with metropolitan municipalities

 

16 849 080

-

-

16 126 608

-

-

Public-sector-related pension, post-retirement medical and other benefits

 

7 900 704

652 201

2 593 242

-

-

-

Skill Levy and SETAs

 

26 005 953

2 037 764

8 363 032

24 137 413

2 034 553

7 906 531

Other costs

 

4 543 276

850 966

2 460 422

6 840 899

430 005

1 804 128

Provisional allocation not assigned to votes

 

18 711 744

-

-

-

-

-

Contingency reserve

 

5 000 000

-

-

-

-

-

Main budget balance

 

(361 321 053)

(150 848 589)

(176 844 852)

(336 740 596)

(159 946 979)

(212 220 671)

 

 

 

 

 

 

 

 

Redemptions

4

(171 705 154)

(9 825 047)

(22 792 971)

(98 619 787)

(9 797 677)

(22 380 659)

 

 

 

 

 

 

 

 

Eskom debt-relief arrangement2

4

(80 223 000)

-

-

(64 000 000)

-

(8 000 000)

 

 

 

 

 

 

 

 

GFECRA settlement (net)3

4

25 000 000

-

-

100 000 000

80 000 000

80 000 000

 

 

 

 

 

 

 

 

Gross borrowing requirement

 

(588 249 207)

(160 673 636)

(199 637 823)

(399 360 383)

(89 744 656)

(162 601 330)

 

 

 

 

 

 

 

 

Financing of the net borrowing requirement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic short-term loans (net)

3

37 162 000

7 054 176

19 316 828

39 508 235

4 865 547

15 031 137

 

 

 

 

 

 

 

 

Domestic long-term loans (gross)

3

345 300 000

42 455 907

152 698 546

347 744 297

31 334 968

110 344 526

 

 

 

 

 

 

 

 

Foreign loans (gross)

3

98 873 872

27 093 300

27 093 300

67 356 714

-

-

 

 

 

 

 

 

 

 

Change in cash and other balances4

3

106 913 335

84 070 253

529 149

(55 248 864)

53 544 141

37 225 667

 

 

 

 

 

 

 

 

Total financing (gross)

 

588 249 207

160 673 636

199 637 823

399 360 383

89 744 656

162 601 330
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.