By: Nghiinomenwa-vali Erastus
Minister of Finance, Iipumbu Shiimi, has issued a stark call to fellow policy makers emphasising the need for Namibia to adopt a more aggressive approach to diversification to reduce its dependency on SACU for revenue.
Relying on SACU (Southern African Customs Union) for revenue is increasingly viewed as a risky strategy, prompting Shiimi to address this concern during his mid-year budget review last week.
Over the years, SACU revenue has played a significant role in financing the Namibian budget, contributing between N$12 to over N$20 billion annually, depending on the regional performance, particularly the South African economy.
“We are concerned about possible significant downward revisions in SACU revenue for the next financial year,” Shiimi said.
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