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 January 2026

General Notice No. 3793 of 2026
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General Notice No. 3793

27 February 2026

GG 54198

National Treasury

 

The statement of actual revenue, expenditure and borrowings with regard to the National Revenue Fund as at the end of January 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 January 2026

 

R thousand

Table

2025/26

2024/25

Revised

estimate

January

Year to date

Audited

outcome

January

Year to date



 

 

 

 

 

 

Revenue1

1

1 968 664 076

 

140 137 954

1 553 317 848

1 809 791 516

126 084 720

1 405 998 808

 

 

 

 

 

 

 

Expenditure1

2

2 321 735 983

209 831 680

1 865 940 695

2 144 645 329

188 761 114

1 753 844 732

 

 

 

 

 

 

 

Appropriation by vote

2

1 183 059 022

82  822 476

963 597 021

1 111 242 388

74 669 474

922 575 859

 

 

 

 

 

 

 

 

Direct charges against the NRF

2

1 129 526 526

127 009 204

902 343 674

1 033 402 941

114 091 640

831 268 873

Debt-service costs

 

421 528 649

64 286 054

315 008 615

385 843 718

61 210 447

294 309 151

Provincial equitable share

 

647 580 811

59 054  489

538 803 463

600 475 640

50 039 636

500 396 360

General fuel levy sharing with metropolitan municipalities

 

16 849 080

-

11 232 720

16 126 608

-

10 751 070

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

 

8 049 084

689 307

6 629 245

-

-

-

Guarantees, indemnities and securities: Payment to the South African Reserve Bank

 

118 590

-

-

-

-

-

Skill Levy and SETAs

 

25 978 559

2 360 497

21 187 860

24 137 414

2 132 128

19 937 811

Other costs

 

9 421 763

618 857

9 481 771

6 819 561

709 429

5 874 481

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

 

(353 071 907)

(69 693 726)

(312 622 845)

(334 853 814)

(62 676 393)

(347 845 923)

 

 

 

 

 

 

 

 

Redemptions

4

(159 949 099)

(278 969)

(157 093 221)

(98 619 787)

(63 920 651)

(97 452 674)

 

 

 

 

 

 

 

 

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

100 000 000

-

100 000 000

 

 

 

 

 

 

 

 

Gross borrowing requirement

 

(568 244 007)

(69 972 695)

(444 716 066)

(397 473 601)

(126 597 044)

(353 298 597)

 

 

 

 

 

 

 

 

Financing of the net borrowing requirement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic short-term loans (net)

3

39 100 000

(383 541)

36 495 072

39 508 235

(1 859 232)

26 271 721

 

 

 

 

 

 

 

 

Domestic long-term loans (gross)

3

352 200 000

21 221 553

346 300 124

347 744 297

25 046 028

293 720 474

 

 

 

 

 

 

 

 

Foreign loans (gross)

3

94 271 089

(751 144)

103 917 277

67 356 714

-

63 381 850

 

 

 

 

 

 

 

 

Change in cash and other balances4

3

82 672 918

49 885 827

(41 996 407)

(57 135 646)

103 410 248

(30 075 448)

 

 

 

 

 

 

 

 

Total financing (gross)

 

568 244 007

69 972 695

444 716 066

397 473 601

126 597 044

353 298 597
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 South African Reserve Bank paid R200 billion to government and the remaining R25 billion in partial settlement of the GFECRA balances. Of this amount government paid the Reserve Bank R100 billion towards the South African Reserve Bank's contingency reserve requirements, as a direct charge against the National Revenue Fund. The balance of the GFECRA 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.