Latest news with #budgetvote
News24
4 hours ago
- Business
- News24
JSE crosses 100 000 for the first time
For more financial news. go to the News24 Business homepage. South Africa's benchmark stock index crossed the psychological level of 100 000 for the first time on optimism that a crucial budget vote will get support from key parties in the governing coalition. The index has advanced about 19% this year, hitting multiple record highs and outperforming a gauge of emerging stocks. The gains have been paced by precious metal miners including Sibanye Stillwater and Northam Platinum. South Africa's president this week ousted his embattled higher education minister, easing tensions within the governing alliance and clearing the path for the national budget to be approved. Lawmakers will vote on a law that allocates funds to government departments on Wednesday. Wall Street banks including JPMorgan Chase & Co. and Goldman Sachs Group earlier this month said the country's financial and cyclical stocks are also set to outperform emerging-market peers as Federal Reserve easing creates room for its South African counterpart to cut interest rates.
The Herald
4 days ago
- Politics
- The Herald
Ramaphosa defends commissions as parties clash over Presidency budget
President Cyril Ramaphosa strongly defended commissions of inquiry and renewed the call for accountability as political parties debated the 2025/26 Presidency budget vote in parliament this week. The budget debate takes place at a critical time, just days before the National Assembly is expected to adopt the Appropriations Bill. The stakes are high, as the second-largest party in the government of national unity (GNU), the DA, has threatened to withhold support for budget votes involving ministers it believes should be removed from the his address, Ramaphosa reiterated his administration's commitment to tackling corruption, especially in the upper ranks of the SA Police Service (SAPS), after explosive allegations by KwaZulu-Natal police commissioner Lt-Gen Nhlanhla Mkhwanazi.'As a country committed to the rule of law, to procedural fairness and to transparency, we will ensure that the allegations made around corruption in the upper echelons of the SAPS will be fully ventilated in the commission of inquiry process,' said said the commission into alleged SAPS corruption could have a 'profound impact' and is aligned with the government's commitment to the rule of law, fairness and has come under fire from opposition parties for what many argue is an over-reliance on commissions which they say are a waste of time and money. But the president argued that previous commissions have delivered real results such as: The revitalisation of the SA Revenue Service (Sars); Reforms to state security structures; And the recovery of millions of rand and assets looted through state capture. 'This accountability means all those responsible for imperilling democracy through nefarious acts should face justice,' said decision to place police minister Senzo Mchunu on special leave during the inquiry has also drawn criticism as opposition parties questioned both the legality of the move and the financial cost parties were also divided on whether to support the Presidency's R747.2m budget allocation. Minister in the presidency Khumbudzo Ntshavheni broke down the budget as R657.5m for administration, R55.7m for executive support and R25.8m for policy and research services. The MK Party, represented by former judge John Hlophe, rejected the budget and criticised the president. 'We are asked to vote for this budget. The MK stands resolute. We reject this budget vote. We reject a president who has become a piggy bank for the elite. We reject a parliament that has turned into a silent spectator to national decay,' said Hlophe. 'Mr President, corruption is so common in this country. It happens right under your nose. The question is, why can't you see it every day? What is the obstruction?' said Hlophe. ActionSA's Athol Trollip also announced their rejection of the budget, accusing Ramaphosa of presiding over rising poverty, crime and inequality. 'No, Mr President, you are not following in the footsteps of President Mandela. You and your government are not combating poverty and inequality. You're increasing it. As for your budget, we cannot support it against such woeful performance,' said Trollip. Rise Mzansi leader Songezo Zibi warned that commissions should not become a substitute for decisive action.'What frustrates South Africans is that it takes so long for those responsible to be charged, let alone to be sent to prison. It sends a message that our systems of accountability are paralysed against those who either have power or have proximity to it,' said Zibi. The IFP and Patriotic Alliance (PA) however voiced their support for the budget. 'The IFP's support for this budget vote is rooted in our commitment to strengthening the president's ability to fulfil his mandate, and this support comes with the expectation of accountability,' said IFP MP Nhlanhla MP Jasmine Petersen said her party remains firmly behind the GNU and praised the president's efforts to promote national dialogue.' 'Let this budget be the turning point where words become actions, where plans become progress and where South Africa truly becomes a nation that works for all its people,' she said. The debate continues as many question Ramaphosa's decision to place Mchunu on leave and replace him with Gwede Mantashe until Firoz Cachalia takes over the reins as police minister in August. TimesLIVE
News24
09-07-2025
- Politics
- News24
Motshekga tables R57bn budget for SA's armed forces – bulk of which goes to salaries
Defence and Military Veterans Minister Angie Motshekga tabled her department's budget vote in the National Assembly on Wednesday. Be among those who shape the future with knowledge. Uncover exclusive stories that captivate your mind and heart with our FREE 14-day subscription trial. Dive into a world of inspiration, learning, and empowerment. You can only trial once.
The Herald
04-07-2025
- Politics
- The Herald
Parties support Nkabane's education vote, staying out of ANC/DA spat
The DA was warned against diverting attention away from the crucial matters of the higher education sector, with parties saying they refuse to be "swindled" into the DA's spat with the ANC. This follows a recent announcement that the DA intends to boycott the budget votes in departments led by controversial ANC ministers such as Dr Nobuhle Nkabane and Thembi Simelane, who leads human settlements. The DA has called for their axing. The fury of the GNU's second-biggest party was prompted by the ousting of their former deputy minister of trade, industry and competition, Andrew Whitfield, last week. However, parties say they will not allow the budget vote to stand in the way of the department's ability to continue with its functions. EFF MP Sihle Lonzi led the charge, saying that while they do not see eye to eye with Nkabane, they will not be hoodwinked by GNU's trouble in paradise. 'We are perplexed that the DA only discovered corruption when their deputy minister was fired. Before the firing, they were singing praises about the GNU, today they want to behave like an opposition. The people of South Africa are not stupid and can see through your lies. We are not going to waste time on this fake fight between the DA and the ANC. 'The DA will vote for this budget which funds each and every department, including the department of higher education and human settlements. The DA's narrative is a deliberate distortion at best and sheer ignorance at worst. The EFF has been at the forefront of confronting the crisis at higher education even when those who are making the most noise now stood on the sidelines.' The highly anticipated higher education budget vote took place in the mini plenary of the National Assembly on Thursday. Lonzi told the plenary the EFF will not fall for the propaganda of the DA that it can support certain budgets and not other departments, clarifying that the DA's stance is not going to be effective. 'There are four key budget votes in parliament. The first is the fiscal framework and revenue proposals which gives budget bills the blueprint and sets the economic policy direction, which the DA voted in support of. "The second is the division of revenue bill which deals with the appropriation of national and provincial government, the DA voted in support and it passed. "We are now dealing with the appropriations bill which allocates funds to government departments and programmes — the DA cannot cherry pick. Voting for the appropriation bill means approving the entire budget inclusive of all the departments.' Lonzi gave the minister seven steps to turn around the embattled education sector, which included the 'fixing' of NSFAS or complete removal of the controversial institution. 'You must rescue higher education from the collapse. There should be no reason NSFAS still struggles to pay students. We have about 19-million people on SASSA and an additional 9-million people receiving the R350 grant every single month. NSFAS only deals with an odd one-million students, why is there no efficient payment system that will pay students, institutions and accommodation directly?' He added that the minister ought to blacklist corrupt board members. 'You must clean up the SETAs. You must blacklist corrupt board members and CEOs, not this thing you are doing now where when someone is suspended in one SETA, you take them [into] another SETA,' he said. DA MP Karabo Khakhau who led the charge against Nkabane said she was not surprised by Nkabane's actions, saying that it is a result of the culture of the political party that has deployed her. 'To them, corruption is their daily bread. Living in a corruption-free South Africa is a threat against the very core of their existence. Unlike the other political parties who have today pledged their support to this budget under Nkabane, the DA has not forgotten about the people of this country. 'Our loyalty remains to nothing but the people. South Africa can count on the DA to fight for them and for justice against corruption. The real enemy of progress against young people is Nkabane - it is the ANC for protecting her and corruption, it is President Ramaphosa for refusing to fire her, it is the political parties that think R142bn is safe in the hands of Dr Nkabane.' She told Nkabane that she should voluntarily vacate office if she feels strongly about serving the young people of this country. 'Committing fraud under statutory offence under section 26 of the Powers, Privileges and Immunities of Parliament Act is not only spitting on the graves of the forefathers of this democracy, but it is spitting in the faces if the young people whom you've failed to lead. It is a spit in the face of your DHET staff that you have sacrificed at the altar of your own protection. 'You said that you are dedicating this budget to the memory of the fallen heroes and heroines of the PSET sector. So I dare you, do the right thing in honour of them and resign! Detox the department of the toxicity of your poor leadership, arrogance, effective allergy to honesty and commitment to no-one but yourself. You don't need to wait for President Ramaphosa to fire you, if you mean it that you are a servant of the leadership of the people, serve and be honest and resign.' Build One South Africa's Mmusi Maimane argued that the sector had bigger problems, adding that the starting point was to clear the air around Nkabane's alleged wrongdoing. 'On leadership, we can debate whether this is the right minister or not the right minister. The issue of whether the minister misled parliament needs to be brought to a parliamentary committee and an investigation must be sought so we can get to the bottom of this. It's not a violation of anyone's feelings, it's about a constitutional obligation which must be followed.' He added that the bigger picture is to understand that the ambition of freedom could not be delinked to the sector overseen by Nkabane. 'You cannot delink the ambition of freedom from the ambition of higher education. We focused on the intrinsic nature of education but we've never linked it to our economic outputs. When we derive a plan for what South Africa needs to look like in the future, we become clear about the kind of graduates that we want to produce. 'This department progressively oversees the number of black students declining who go into higher education, but students who are Asian and Indian are increasing. It tells you that our empowerment story has been delinked from higher education.' He urged the ministry to prioritise access to higher education to fully commit to the transformation of the country. 'From a capacity point of view, it's clear that infrastructure build in higher education is poor. We are talking about a shortage of 500,000 beds in this country. If we are going to see the doors of learning open, as is the ambition, we need to fund the capacity thereof. 'It's now common cause that NSFAS is not an efficient institution for managing how many students we want to get in. It's either we reform NSFAS or we shut out the middle man.' Rise Mzansi's Makashule Gana told the committee that he refuses to take part in the scandal and spectacle that has brought attention to the ministry. 'Education, especially higher education, is not a luxury, it is a path out of poverty and is the foundation of a prosperous nation. The department's R142bn budget is substantial but not enough, because our crisis is not just funding — its spatial, access, and a system that is failing the poor. "Nowhere is that failure more glaring than in NSFAS. I'm a product of it, many of us are, but what we see today is heartbreaking because hyenas and tenderpreneurs are circling what should be a lifeline for our students. That R95bn for NSFAS has to go to students, not middlemen.' Despite the minister conceding that there is a R1.4bn deficit in the universities' budget, she vowed that the NSFAS budget would 'not be sufficient to meet the growing demand for access to higher education". NSFAS funding sits at R48.7bn this year, with further increases planned in the coming years. Nkabane's budget covered key higher education sectors, detailing that TVET colleges are to receive R14bn, up from R13.1bn last year. The combined allocation for Sector Education and Training Authorities and the National Skills Fund is R26bn. Meanwhile, university education rises from R91.7bn in 2024 to R96bn this year alone. Nkabane said he will not dignify direct attacks and will focus on the task at hand: serving the people of South Africa.
The Herald
03-07-2025
- Politics
- The Herald
DA rejects Simelane, Nkabane departmental budgets
The DA has followed through on its threat to vote against departmental budget votes of ministers who are facing allegations of wrongdoing. This after the party this week voted against budgets of the departments of human settlements and higher education led by Thembi Simelane-Nkadimeng and Nobuhle Nkabane respectively. This decision was taken as a direct response to President Cyril Ramaphosa axing trade and industry deputy minister Andrew Whitfield, of the DA, last week for defying his order that none of the members of his executive were allowed to go to the US at the height of the diplomatic tensions between the two countries. The DA in response argued that Ramaphosa had been harsh on Whitfield and that it was not acceptable that he fired him for such a minor transgression while he still kept Simelane and Nkabane in his cabinet. Unlike Whitfield, the DA argued, Simelane was accused of corruption and Nkabane stood accused of lying to parliament. Instead of dealing with the two ministers who were facing serious allegations, Ramaphosa decided to axe Whitfield for going on a trip without getting permission, the DA argued. DA MP Luyolo Mphithi on Wednesday said his party was voting against Simelane's budget vote because of the corruption allegations she was facing. Mphithi said the DA was concerned that instead of firing Simelane, Ramaphosa had moved her from the department of justice to human settlements. 'You'd think that the response to this that the president would have shown minister Simelane the door, he did not. He asked for the report that he stayed with for three months,' said Mphithi. 'And even though the DA sustained pressure asking the president to act, he lacked courage to act and instead decided to dump minister Simelane at human settlements, one of the most important departments for South Africans.' 'It seems that this president does not take an issue with the fact that a person accused of corruption sits in his cabinet and will have to look after a budget of R30bn that is set aside for South Africans,' he said. Ideally, Mphithi said, the DA would not have a problem with voting for the department of human settlements' budget as it relates to people's housing and security but they could not do it because of the allegations faced by Simelane. 'The DA will always support the granting of funds to house the vulnerable at the same time fast-tracking jobs and growth to give many more South Africans the dignity of being able to buy and own their own houses,' he said. 'And though this budget and the department have many challenges under normal circumstances it would be supported. However, we sit with a minister who faces corruption allegations who has not been accountable to the South African public. And it is because of this we struggle support this particular budget.' Mphithi and the MK Party's Thulani Gumede raised several issues with the human settlements budget presented by Simelane, saying it was not dealing with some of the key issues faced by South Africans in the sector. 'A critical examination reveals a fundamental flaw, an overall real decline in the department's budget. None of its five main programmes demonstrates above-inflation increases,' said Gumede. 'This systemic underfunding of human settlements initiatives will inevitably worsen existing backlogs and impair the progressive realisation of adequate housing.' He said his party could not vote for as it would mean they accepted the decrease in allocation. 'I asserted during the committee meeting last week and I reiterate now that this draft budget must be rejected. It's real term decline across key programmes particularly in integrated human settlements and informal settlements upgrading directly contradicts the constitutional obligation to provide adequate housing and the strategic goals of the national development plans,' he said. 'Accepting this budget will constitute a retreat from addressing deeply entrenched structural inequalities and the pressing needs of the vulnerable communities for basic services and dignified living conditions.' TimesLIVE
