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 30 November 2025

Notice No. 3718 of 2025

Purchase cart Previous page Return to chapter overview Next page

 

Notice No. 3718

30 December 2025

GG 53912

National Treasury

 

The statement of actual revenue, expenditure and borrowings with regard to the National Revenue Fund as at the end of November 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 30 November 2025

 

R thousand

Table

2025/26

2024/25

Budget

estimate

November

Year to date

Audited

outcome

November

Year to date



 

 

 

 

 

 

Revenue1

1

1 968 665 400

 

144 158 843

1 174 361 204

1 809 791 516

136 331 858

1 070 226 000

 

 

 

 

 

 

 

Expenditure1

2

2 321 735 983

159 145 630

1 455 726 196

2 144 645 329

140 796 157

1 376 779 596

 

 

 

 

 

 

 

Appropriation by vote

2

1 172 207 412

93 555 071

773 186 156

1 111 242 388

83 692 734

746 605 717

 

 

 

 

 

 

 

 

Direct charges against the NRF

2

1 114 810 583

65 590 559

682 540 040

1 033 402 941

57 103 423

630 173 879

Debt-service costs

 

426 345 611

5 879 228

221 235 374

385 843 718

4 339 723

204 180 026

Provincial equitable share

 

633 165 959

56 013 504

425 360 307

600 475 640

50 039 636

400 317 088

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

674 879

5 253 197

-

-

-

Skill Levy and SETAs

 

26 005 953

2 134 178

16 664 845

24 137 414

1 996 762

15 754 897

Other costs

 

4 543 276

888 771

8 409 957

6 819 561

727 302

4 546 333

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)

(14 986 788)

(281 364 991)

(334 853 814)

(4 464 299)

(308 553 596)

 

 

 

 

 

 

 

 

Redemptions

4

(159 949 099)

(514 052)

(59 868 062)

(98 619 787)

(748 772)

(33 251 486)

 

 

 

 

 

 

 

 

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)

(15 500 840)

(341 233 053)

(397 473 601)

(5 213 071)

(247 805 082)

 

 

 

 

 

 

 

 

Financing of the net borrowing requirement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic short-term loans (net)

3

39 100 000

3 272 585

33 154 087

39 508 235

4 816 465

23 849 130

 

 

 

 

 

 

 

 

Domestic long-term loans (gross)

3

352 200 000

30 185 304

289 233 505

347 744 297

39 522 124

245 684 684

 

 

 

 

 

 

 

 

Foreign loans (gross)

3

94 271 089

-

45 662 621

67 356 714

63 381 850

63 381 850

 

 

 

 

 

 

 

 

Change in cash and other balances4

3

82 671 594

(17 957 049)

(26 817 160)

(57 135 646)

(102 507 368)

(85 110 582)

 

 

 

 

 

 

 

 

Total financing (gross)

 

568 242 683

15 500 840

341 233 053

397 473 601

5 213 071

247 805 082
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.

Figures for the month of March, prior year have been adjusted to be in line with Audited Outcome.