KUCHING: Sarawak has tabled a surplus budget for 2024 with a projected record high revenue of RM12.7bil.
Premier Tan Sri Abang Johari Tun Openg said the budget was expected to generate a surplus of RM386mil, with total ordinary expenditure projected at RM12.4bil.
"This is the largest budget ever unveiled by the state government, a testimony to the success of our revenue re-engineering efforts and prudent financial management," he said when tabling the budget in the Sarawak Legislative Assembly on Monday (Nov 20).
Abang Johari said the state budget, themed "Development for All: Together, Building a Prosperous, Sustainable and United Sarawak", aimed to strike a balance among responding to immediate challenges, creating more opportunities for Sarawakians, laying a foundation for a resilient economy, and ensuring long-term fiscal sustainability.
"The budget will deliver cost-of-living relief in some areas to reduce the financial burden of low and middle-income groups, make targeted investments and continue to implement vital programmes and projects for the benefit of the rakyat," he said.
Abang Johari said the 2024 state budget would allocate RM9bil for development, with RM8.9bil from state funds and RM123mil from Federal loans and reimbursable grants.
"The budget will continue to allocate funds to key sectors to accelerate economic development and eventually make the state economy prosperous, robust and resilient," he said.
On next year's projected revenue, Abang Johari said Sarawak was expected to collect tax revenue totalling RM5.7bil, including RM3.5bil in state sales tax on crude oil, liquefied natural gas and other petroleum products.
He said non-tax revenue was estimated at RM6.4bil, including RM2.9bil in oil and gas royalty.
SABAH & SARAWAK