Public Finance Management Act, 1999 (Act No. 1 of 1999)

Notices

Statement of National Revenue, Expenditure and Borrowings

2026 Statements

Statement of National Revenue, Expenditure and Borrowing as at 31 December 2025

Notice No. 3740 of 2026
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Notice No. 3740

30 January 2026

GG 54028

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 31 December 2025

 

R thousand

Table

2025/26

2024/25

Revised

estimate

December

Year to date

Audited

outcome

December

Year to date



 

 

 

 

 

 

Revenue1

1

1 968 665 400

 

238 818 691

1 413 179 893

1 809 791 516

209 688 088

1 279 914 088

 

 

 

 

 

 

 

Expenditure1

2

2 321 735 983

200 382 819

1 656 109 014

2 144 645 329

188 304 022

1 565 083 618

 

 

 

 

 

 

 

Appropriation by vote

2

1 172 207 412

107 588 389

880 774 545

1 111 242 388

101 300 668

847 906 385

 

 

 

 

 

 

 

 

Direct charges against the NRF

2

1 114 810 583

92 794 430

775 334 469

1 033 402 941

87 003 354

717 177 233

Debt-service costs

 

426 345 611

29 487 186

250 722 560

385 843 718

28  918 678

233 098 704

Provincial equitable share

 

633 165 959

54 388 667

479 748 974

600 475 640

50 039 636

450 356 724

General fuel levy sharing with metropolitan municipalities

 

16 849 080

5 616 360

11 232 720

16 126 608

5 375 535

10 751 070

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

 

7 900 704

686 741

5 939 938

-

-

-

Skill Levy and SETAs

 

26 005 953

2 162 518

18 827 363

24 137 414

2 050 786

17 805 683

Other costs

 

4 543 276

452 957

8 862 914

6 819 561

618 719

5 165 052

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)

38 435 872

(242 929 119)

(334 853 814)

21 384 066

(285 169 530)

 

 

 

 

 

 

 

 

Redemptions

4

(159 949 099)

(96 946 190)

(156 814 252)

(98 619 787)

(280 537)

(33 532 023)

 

 

 

 

 

 

 

 

Eskom debt-relief arrangement2

4

(80 223 000)

-

-

(64 000 000)

-

(8 000 000)

 

 

 

 

 

 

 

 

GFECRA settlement (net)3

4

25 000 000

25 000 000

25 000 000

100 000 000

-

100 000 000

 

 

 

 

 

 

 

 

Gross borrowing requirement

 

(568 242 683)

(33 510 318)

(374 743 371)

(397 473 601)

21 103 529

(226 701 553)

 

 

 

 

 

 

 

 

Financing of the net borrowing requirement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic short-term loans (net)

3

39 100 000

3 724 526

36 878 613

39 508 235

4 281 823

28 130 953

 

 

 

 

 

 

 

 

Domestic long-term loans (gross)

3

352 200 000

35 845 066

325 078 571

347 744 297

22 989 762

268 674 446

 

 

 

 

 

 

 

 

Foreign loans (gross)

3

94 271 089

59 005  800

104 668 421

67 356 714

-

63 381 850

 

 

 

 

 

 

 

 

Change in cash and other balances4

3

82 671 594

(65 065 074)

(91 882 234)

(57 135 646)

(48 375 114)

(133 485 696)

 

 

 

 

 

 

 

 

Total financing (gross)

 

568 242 683

33 510 318

374 743 371

397 473 601

(21 103 529)

226  701 553
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.