National budget is a legal document, therefore its revision requires Parliamentary approval.
• Quick action should be seen on the budget amendment with speedy engagement of stakeholders from different sections.
• Government cannot afford to go with business as usual approach when the economic environment is speedily turning into a survival mode.

An Economist has advised government to conduct thorough consultations before revising the 2024 National Budget.
Speaking to Money FM News, Emmanuel Zulu noted that the national budget is a legal document as established within the National Planning and Budgeting Act of 2020, therefore its revision requires Parliamentary approval.
Mr. Zulu said Government’s efforts should not just be seen in statements but quick action should be seen on the budget amendment with speedy engagement of stakeholders from different sections before getting into the second quarter of the year.
He said the El Nino situation which has affected power supply and output in most sectors will compromise a number of projects and investments.
“It is very important to conduct thorough consultations before the Government revises the national budget. The Government presented a K177.9 billion 2024 National Budget with over 70% of funding to be raised domestically. We saw the Government increasing revenue targets for the Zambia Revenue Authority to over K125 billion from around K110 billion in 2023. This was on the premise that the economic climate will be favorable with growth project at 4.8% and that the revenue collection wing will be more proactive with improvement in revenue collection systems.”
“However, what has befallen the nation in many aspects but most importantly the drought situation calls for a quick turnaround from the projected figures of growth, inflation rate, revenue target and deficit. It calls for immediate action to revise the 2024 National Budget,” Mr. Zulu stated.
He added that Government cannot afford to go with business as usual approach when the economic environment is speedily turning into a survival mode for many citizens.
“A number of things that we expected to be concluded in the first quarter that would give have given us a fair forecast on Zambia’s economic performance for 2024 still hang in balance. We are talking about expected copper production increase in the mining sector from Konkola Copper Mine and Mopani mine yet progress seems slow. The Kasenseli Gold mine is another project that has gone quiet. It therefore leaves us to beg to question the ambitions of those entrusted to manage our affairs if indeed they appreciate how dire the situation is in the country and that our country’s strength currently lies in the mining sector amidst this drought situation,” he stated.”
“The budget revision is therefore something that must be done urgently. By this first quarter of 2024, we should have had a time frame given when this will be done. Government cannot afford to go with business as usual approach when the economic environment is speedily turning into a survival mode for many citizens. Let us quickly assemble even through an emergency economic indaba to put our heads together and see how we emerge from this situation as a nation in the shortest possible time,” Mr. Zulu added.
Government is in the process of realigning the 2024 national budget to ensure food security as a dry spell hits more than half of the country’s 10 provinces.