OVER K29BIL APPROPRIATED FOR 2026
BY NIGEL MADO
THE National Government has once again appropriated another record budget for the 3rd year in row, surpassing the K28bil from last year, as Treasurer Ian Ling-Stuckey and the Department of Treasury projects the country’s economy to grow more than globally and regionally.
The Treasurer stated that the spillover effects from the strong commodity prices in Global and regional markets will come into play and support the PNG Economy adding that in total, the revenue and grants are set to reach K29.3bil.
He said All major Revenue Drivers are projected to increase, with total domestic Revenue, excluding grants being projected to reach a record-high of K27.4bil.
In general, the break-up would see K18.5bill for Operational Expenditure while K10.8bil will be put forward for capital expenditure, further stating that the bulk of the projected budget would come from Tax Revenue.
Under tax revenue, the Government projects that the make-up would be as follows.
- K5 Billion [Personal Income Tax]
- K4 Billion [Company Tax]
- K4.9 Billion [Mining & Petroleum Tax]
- K3.8 Billion [GST]
- K2.1 Billion [Excise Tax]
- K2.5 Billion [Other Taxes]
Ling-Stuckey announced that this budget will set a new path after following the reflection and celebrations of the country’s 50th Independence Anniversary.
Reflecting on the country’s recent history, the Treasurer mentioned that successive Governments have not been able to do enough for the people and so the current Pangu regime will be looking to 2026 with Security for growth.
Aside from this, he said is inflation is expected to remain lower while the kina continues to adjust to changes. Total Expenditure and Net Lending is also projected to reach a record high of K30.9 billion.
