SARAWAK’S revenue for 2024 is projected to reach RM14 billion, surpassing the previous year’s record of RM13.3 billion, said Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg.
He said as of October 2024, Sarawak’s revenue collection stands at RM12.2 billion and is expected to surpass 2023’s record based on current performance.
“I am pleased to inform that our revenue collection stands at RM12.2 billion as of October 2024, or 87 per cent against our projection for the year.
“This will be yet another record-breaking achievement, setting the highest revenue collection in Sarawak’s history,” he said when tabling the second reading of the Sarawak Budget ‘25 at the second meeting of the third session of the 19th Sarawak Legislative Assembly (DUN) sitting today.
Abang Johari said the RM12.2 billion collected to date was largely derived from various sources, including RM4.4 billion from the state sales tax and RM2.7 billion from cash compensation in lieu of oil and gas rights.
Other revenue sources included dividend (RM2 billion), interest and investment returns (RM1 billion), raw water royalty (RM554 million), land premiums (RM191 million).
Additional funds were collected from cash compensation in lieu of imports and excise duties on petroleum products (RM120 million), forestry (RM214 million).
Federal grants and reimbursements contributed RM554 million, while mining royalties, water sales, and land rents together accounted for RM507 million.
On expenditure, he said RM9.44 billion, or 74 per cent of the total, had been spent as of October.
He said the 2024 Ordinary Expenditure was revised upward by RM315 million (2.5 per cent) to RM12.678 billion.
“Of which, RM3.59 billion was for operating expenditure, while RM5.85 billion was appropriated to Statutory Funds.
For development, he said RM4.31 billion of the RM9.1 billion Development Expenditure, or 47 per cent, has been utilised.
He said state spending is expected to increase as project implementation intensifies towards the year-end.
