Speaker Datuk Seri Setia Awang Abdul Rahman (top) speaks at the 21st LegCo meeting. - Photo: Borneo Bulletin/ANN
BANDAR SERI BEGAWAN: The Legislative Council (LegCo) has unanimously approved the proposed supply bill of BND6.35 billion for the 2025/2026 financial year, marking an increase from the previous year’s allocation of BND6.25 billion.
The government’s fiscal position for the 2023/2024 financial year was also shared, with revenue collections standing at BND3.69 billion, a decrease of 41.8 per cent from BND6.35 billion in the previous year.
This drop was mainly attributed to a decrease in revenue from the oil and gas sector, which fell to BND2.73 billion.
Government expenditure saw a slight increase of 0.4 per cent, reaching BND6.11 billion, compared to BND6.08 billion in the 2022/2023 financial year.
As a result, the government recorded a budget deficit of BND2.42 billion, a sharp contrast to the budget surplus of BND260.46 million in the previous year.
Looking ahead to the 2025/2026 financial year, the government has projected revenue of BND3.26 billion, with BND2.45 billion (75 per cent) expected from the oil and gas sector, and BND802.24 million (25 per cent) from the non-oil and gas sector.
Based on these projections, the government anticipates a budget deficit of approximately BND3.1 billion.
This figure will be updated periodically depending on the country’s oil production, global oil prices, and exchange rates.
Despite these fiscal challenges, the government remains committed to implementing effective strategies to ensure that investments contribute to long-term economic sustainability.
The budget is designed as a strategic roadmap that balances short-term needs with long-term goals, aligning with the broader aspirations outlined under Brunei Vision 2035.
Government-linked companies (GLCs) are also expected to play a crucial role in supporting the country’s economic priorities, particularly by strengthening the private sector and attracting foreign direct investment (FDI).
These initiatives are aimed at stimulating economic activity, enhancing competitiveness, and creating more job opportunities for locals.
The government continues to emphasise the importance of public-private collaboration in diversifying the economy and strengthening fiscal resilience, ensuring continued prosperity and well-being for future generations. - Borneo Bulletin/ANN
