Gov’t budget $5.96 billion 2023/2024 tabled

The government has tabled a budget of $5.96 billion for the fiscal year 2023-2024 with a projected deficit of $2.97 billion.

At the recent 19th Legislative Council Session, Minister at the Prime Minister’s Office and Second Minister of Finance and Economy said that the estimated deficit is dependent on the country’s production of oil and gas, global oil prices, US currency, revenue from non-oil and gas sector and actual government expenditure.

YB Dato Seri Setia Dr Hj Mohd Amin Liew shared that projected revenue for FY 2023/2024 is $2.99 billion of which $2.03 billion is from the oil and gas sector and $952.37 million from the non-oil and gas sector.

The $5.96 billion projected expenditure also includes payment of salaries, allowances and contributions ($2.19 billion); recurring expenditures ($2.21 billion); RKN 11 projects ($500 million) and charged expenditures.

The national budget theme for FY 2023/2024 ‘Building a Prosperous Future Together’ highlights three focus areas – Preserving Public Welfare; Supporting an Inclusive and Resilient National Recovery and; Development of Dynamic, Proactive and Innovative Human Capital.

Allocated budget for Preserving Public Welfare – $558.9 million; Supporting an Inclusive and Resilient National Recovery – $222.5 million; Proactive and Innovative Human Capital – $160.5 million and charged expenditure – $120 million.


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