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 October 2025

Notice No. 3660 of 2025
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Notice No. 3660

28 November 2025

GG 53737

National Treasury

 

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

 

R thousand

Table

2025/26

2024/25

Budget

estimate

October

Year to date

Audited*

outcome

October

Year to date



 

 

 

 

 

 

Revenue1

1

1 968 665 400

 

121 210 503

1 030 202 361

1 809 791 516

112 452 383

933 894 142

 

 

 

 

 

 

 

Expenditure1

2

2 321 735 983

157 042 461

1 296 580 565

2 144 645 329

158 537 430

1 235 983 439

 

 

 

 

 

 

 

Appropriation by vote

2

1 172 207 412

91 331 262

679 631 085

1 111 242 388

95 888 841

662 912 983

 

 

 

 

 

 

 

 

Direct charges against the NRF

2

1 114 810 583

65 711 199

616 949 480

1 033 402 941

62 648 589

573 070 456

Debt-service costs

 

426 345 611

9 262 319

215 356 146

385 843 718

9 570 508

199 840 303

Provincial equitable share

 

633 165 959

52 763 829

369 346 803

600 475 640

50 039 636

350 277 452

General fuel levy sharing with metropolitan municipalities

 

16 849 080

-

5 616 360

16 126 608

-

5 375 535

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

 

7 900 704

667 273

4 578 318

-

-

-

Skill Levy and SETAs

 

26 005 953

2 036 183

14 530 667

24 137 414

2 029 834

13 758 135

Other costs

 

4 543 276

981 595

7 521 186

6 819 561

1 008 611

3 819 031

MTBPS Adjustment

 

25 567 553

-

-

-

-

-

Provisional allocation not assigned to votes

 

1 760 922

-

-

-

-

-

Contingency reserve

 

13 519 265

-

-

-

-

-

National government not assigned to votes

 

(5 129 752)

-

-

-

-

-

Local government repayment to the National Revenue Fund

 

(1 000 000)

-

-

-

-

-

Main budget balance

 

(353 070 583)

(35 831 958)

(266 378 204)

(334 853 814)

(46 085 048)

(302 089 297)

 

 

 

 

 

 

 

 

Redemptions

4

(159 949 099)

(486 039)

(59 354 010)

(98 619 787)

(9 172 586)

(32 502 714)

 

 

 

 

 

 

 

 

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

-

100 000 000

 

 

 

 

 

 

 

 

Gross borrowing requirement

 

(568 242 683)

(36 317 997)

(325 732 214)

(397 473 601)

(55 257 634)

(242 592 011)

 

 

 

 

 

 

 

 

Financing of the net borrowing requirement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic short-term loans (net)

3

39 100 000

2 708 108

29 881 502

39 508 235

(3 506 364)

19 032 665

 

 

 

 

 

 

 

 

Domestic long-term loans (gross)

3

352 200 000

38 205 040

259 048 201

347 744 297

34 431 959

206 162 560

 

 

 

 

 

 

 

 

Foreign loans (gross)

3

94 271 089

-

45 662 621

67 356 714

-

-

 

 

 

 

 

 

 

 

Change in cash and other balances4

3

82 671 594

(4 595 151)

(8 860 110)

(57 135 646)

24 332 039

17 396 786

 

 

 

 

 

 

 

 

Total financing (gross)

 

568 242 683

36 317 997

325 732 214

397 473 601

55 257 634

242 592 011
1) The Gold and Foreign Exchange Contingency Reservce Account (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.
*)Audited Outcome except for Debt-service costs.