The 2023 Budget Speech has finally been released, and a sky-high monetary figure is expected to be spent for the Department of Higher Education and Training (DHET) in the upcoming three years.
Finance Minister, Enoch Godongwana, delivered this year's speech at Cape Town City Hall, during the afternoon of 22 February 2023.
According to the National Treasury, over the Medium Term Expenditure Framework (MTEF), the Department of Higher Education’s (DHET) expenditure is expected to reach a staggering R135,6 billion in the 2023/24 financial year, R148,3 billion in 2024/25 and will rise to R153,9 billion in 2025/26.
“Expenditure for the post-school education and training sector increases at an average annual rate of 5 per cent over the medium term, supporting universities, Technical and Vocational Education and Training (TVET) colleges, Community Education and Training (CET) colleges and sector education and training authorities in delivering quality post-school education and training,” said the Department.
In 2023/24, at least R50 billion will be allocated to the National Student Financial Aid Scheme (NSFAS).
The second largest spending point for the Higher Education Department is expected to be universities’ subsidies, entering at some R44,4 billion.
For TVET Colleges and CET Centres, a combined spending of at least R15 billion is expected to be reached.
“The [DHET] has reprioritised R1,1 billion over the medium term to enable the community education and training (CET) sector to build its own infrastructure for learning and teaching, reducing its current reliance on basic education school infrastructure," stated the Department.
The National Treasury has stated that the Sports, Arts and Culture function of the Basic Education Sector will receive some R35,7 billion over the MTEF, in order to “support sports in schools and preserve, develop and promote cultural, heritage and linguistic diversity, and build social cohesion.”
This year's Budget Speech was highly anticipated, as South Africans waited for the Minister to address the country's mountain of issues, including loadshedding and the proposed increase in social grant monies.
