KOTA KINABALU: Sabah's revenue last year exceeded the 2022 records despite facing a decline in crude palm oil (CPO) and crude oil (CO) prices.
State Finance minister Datuk Seri Masidi Manjun mentioned that the government was still able to collect revenue totaling RM6.971 billion last year compared to the one collected in 2022, exceeding it by RM11 million.
In 2021, the State Government made history when state revenue reached RM5 billion for the first time, amounting to RM5.449 billion. The following year, the figure increased to RM6.960 billion.
"This is due to the challenges posed by decreasing commodity prices, leading to a reduction in revenue collection from the two main sources in the state. The decrease amounts to approximately half a billion, specifically RM 566.3 million compared to 2022."
"In 2023, 68 per cent of the state's revenue will come from these two sources. We are very susceptible (economically).
"I am very proud of the members of this Ministry, who acted like 'Ah Long'. They are highly committed and tirelessly seeking revenue until we are able to overcome these challenges with other revenue collections," he said during the Ministry's dinner here.
The state government has also received dividends and contributions from public agencies that reached RM154.8 million, exceeding the ministry's target of RM120 million.
Meanwhile, the event also disclosed the ministry's initiatives, which include updating the circular on dividend and contribution payment guidelines. The second initiative is through the State Company Information System Version 5 (SCIS V5).
