By Kwanele Dhladhla
The House of Assembly has passed the E32.61 billion budget for the 2025/2026 financial year in what Minister of Finance Neal Rijkenberg termed a huge relief and further committed that Cabinet would do its best in applying it.
The approved budget, which was passed by the August House with re-allocations, saw a remarkable increase by 11 per cent from E29.4 billion in the 2024/25 financial year.
This increase was largely attributed to strong growth in Eswatini’s Gross Domestic Product (GDP), with the nation entering new economic territory not seen in over three decades.
Minister of Finance Neal Rijkenberg expressed appreciation to Members of Parliament (MPs), portfolio committees, Speaker in the House of Assembly Jabulani Mabuza, Cabinet ministers,
parliament and ministry of finance personnel together with all other stakeholders that were involved in the intense process which commenced last year with the Planning and Budgeting Committee.
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“What a relief! First of all, I would like to thank the honourable speaker for your hard-work and getting us all through where we are today.
Thank you so much to all the portfolio committee chairpersons who worked really during this time. All MPs worked day and night on just this one component, the budget, which is commendable.
It is pleasing to note that everyone applied themselves. I really appreciate the considerations that were made as we moved things around in the budget,” said Rijkenberg on Wednesday.
The minister went on to state; “The budget is now well balanced with the support of the House of Assembly. We will do our best as Cabinet to apply it.”
Mabuza emphasised that he was also immensely grateful to everyone who participated in collating and approval of the budget for their valuable input.
“This has not been easy task but I am glad that we now have come to an end through concerted effort and dedication in line with His Majesty King Mswati III’s command for Nkwe,” Mabuza said.
In the budget, government has set to spend approximately E873.33 million on monthly salaries for its 43 959 civil servants in the next financial year.
Other highlights include great news for learners as E702.32 million for scholarships; elderly grants were allocated an extra E105 million, which was a 20 per cent increase – adding E100 to the current E500 received monthly;
E1.21 billion for roads rehabilitation and the Ministry of Education and Training received a lion’s share of E5.41 billion.
When unpacking what culminated in the substantial increase in the budget, Rijkenberg explained that the kingdom had experiencing growth rates reminiscent of the early 1990s when South Africa was under the weight of international sanctions.
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He projected Gross Domestic Product (GDP) growth rates of 8.3 per cent in 2025, following a five per cent growth in 2023 and an anticipated 4.8 per cent growth in 2024.
“This substantial increase marks a new phase of economic development for the kingdom,” he said.
However, despite the optimistic projections, the minister cautioned that the kingdom was not yet in a state of economic promise.
“While we are experiencing a shift in our growth trajectory, poverty and unemployment remain our two biggest challenges,” Rijkenberg said.
The minister stressed that economic growth alone would not be enough to address these issues, pointing out the need for continued investment in social programmes and job creation.
He stated that another factor which contributed to the budget increase was success of the Eswatini Revenue Service (ERS), which has played a vital role in boosting national revenue.
The ERS exceeded expectations, as it raised E16.5 billion, up from E14.5 billion the previous year.
“Improved revenue collection is vital for addressing the kingdom’s financial needs, particularly in terms of expanding social services and investing in infrastructure,” he added.
