Deal or no deal? Former Finance Minister Nhlanhla Nene weighs in on budget deliberations
On Tuesday night, ActionSA and the ANC agreed to adopt a finance committee report supporting the national budget, which includes a 0.5 percentage point value-added tax (VAT) increase.
Finance Minister Enoch Godongwana delivered the national budget for 2025 in the National Assembly on 12 March 2025. Picture: Phando Jikelo/Parliament
The Money Show's Stephen Grootes speaks to former Finance Minister Nhlanhla Nene.
Listen below:
The National Assembly’s Standing Committee on Finance on Tuesday night adopted a report supporting the national budget after hours of deliberations in Parliament.
The report includes a 0.5 percentage point value-added tax (VAT) increase.
The Democratic Alliance (DA) has accused ActionSA and the African National Congress (ANC) of betraying South Africans with their support of the budget.
Parliament is expected to vote on the report and budget at a sitting today (Wednesday).
Nene explains that in the past Parliament could only accept or reject the budget.
But since 2008 it has 16 days from the tabling of the budget to debate.
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"If Parliament is not able to meet those timelines, I would really hate to imagine what would happen."
- Nhlanhla Nene
Nene adds that the adage 'time is money' is also applicable in this instance, noting the cost associated with the post-budget deliberations.
"This is quite a costly exercise that Parliament and government are going through."
- Nhlanhla Nene
So, should South Africans be concerned that there still seems to be a considerable amount of disagreement and dissension regarding Finance Minister Enoch Godongwana's budget?
"I think we should be concerned, but I actually believe that, at some point, sanity will prevail."
- Nhlanhla Nene
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