Finance Minister Delivered a Lacklustre Budget – Devoid of any Real Substance

The IFP firmly believes that Finance Minister, Tito Mboweni, delivered a lacklsutre budget speech before the nation and failed to mention any comprehensive measures that will be taken to cut government spending.

Minister Mboweni’s apt display of the Aloe Ferox plant in Parliament speaks to the very essence of a dried-up fiscus yet our country will borrow more to cover for the ANCs failed “flagship” projects.

He did not go far enough in addressing ailing SOEs. Our country is essentially trying to solve non-financial problems with financial solution, with Eskom set to receive R23 billion year for its unbundling exercise. This budget speech was the greatest indication that our economy is in deep trouble.

His continuous diddles in the house does not bode well with the majority of our country’s poor who are suffering and in desperate need of bold, strong and decisive leadership.

Minister Mboweni failed to mention how departments will be funded and failed to mention any real transformative measures to grow our economy. He made a total mockery of this budget speech.

Minister Mboweni failed to:
Reverse the VAT from 15% down to 14%;
Cost any plan for the fight against Gender Based Violence – which is indicative of government that only pays lip service the plight of vulnerable groups in the country;
Cut government expenditure; and
Address fee-free education question and the fact that our universities are burning.

Clearly, as we forewarned, it was an ANC election budget, not a budget to address the real concerns of our people.

Mkhuleko Hlengwa MP
IFP Spokesperson on Finance
071 111 0539