Speaker Jemma Nunu and Finance Minister Dier Tong Ngor hold budget brief case for the 2023/2024 fiscal year budget at the national parliament. | Photo: Obaj Okuj/Eye Radio.

The Minister of Finance and Planning on Tuesday tabled a proposed budget of more than 2 trillion South Sudanese pounds for fiscal year 2023/2024, at the national legislature.

The draft budget increases the salaries of civil servants and members of the organized forces by 400 percent.

It has also allocated more funds to infrastructural projects including improving roads, creating conducive environment for investment, and generating more non-oil revenues in order to avoid over dependence on oil.

The budget further allotted SSP.222.7 billion for goods and services, and SSP.50 billion for peace implementation, among others.

According to the budget presentation, the projected revenue for this fiscal year amounts to over SSP.1.8 billion, with a deficit of over SSP.267 billion.

The deficit, according to Minister Dier Tong, will be financed through borrowing and from other sources.

Out of the gross revenues of over 1.8 trillion pounds, more than SSP.1.5 trillion will be generated from oil revenues, more than ssp.245 from non-oil revenue and over SSP.56 from grants.

The budget has been proposed at a projected declined capacity of oil production from 150,000 barrels per day, to 132,362 barrels per day.

During the budget speech to the lawmakers, Finance Minister Dier blamed the weakening economic situation in the country on external shocks and internal structural weaknesses, which have created acute macroeconomic instability and suffering to the people of South Sudan.

After the Draft National Budget, the Appropriation Bill and the Financial Bill were presented, Speaker Nunu directed the heads of specialized committees to study the budget and report back to the house after 21 days for deliberations and passing.