Julius Malema calls for change in economic planning ahead of budget speech

EFF leader Julius Malema has expressed skepticism towards Finance Minister Enoch Godongwana's upcoming budget speech, calling for a shift in economic planning.

Addressing thousands of EFF supporters marching from the Union Buildings to the National Treasury office in Pretoria, celebrating their party's victory against VAT hike, he said he expects the budget speech on Wednesday to be "another lie".

He predicted that the budget speech will be devoid of plans for job creation, economic growth, or support for state-owned enterprises like Transnet.

The EFF march follows the Western Cape High Court's ruling that suspended the proposed VAT increase and invalidated the 2025 Fiscal Framework, citing the National Assembly's unlawful adoption of the framework. The EFF and DA spearheaded the legal challenge.

Malema claimed the government wants to privatise the state-owned enterprises so that people can be out of jobs.

He further accused the National Treasury of failing to invest into massive infrastructure projects that create jobs and grow the economy.

“This Treasury is the one running South Africa. The National Treasury has not been putting money in massive infrastructure. They have not been putting money in projects that are going to create jobs and grow the economy. Our economy has been growing at 1% because of the Treasury saying we must put in place measures that are going to cut money and that money they cut from essential services. From the things that serve black people. They cut money in education, health, and the police,” he said.

He called for planning powers to be taken away from the National Treasury and given to politicians instead.

“It must be a decision of politicians as to what we are going to do this year and the Treasury must just take the money and finance what the politicians have said they are going to do this year,” he said.

He questioned why the Reserve Bank must have private shareholders, saying it must truly belong to South Africa to guarantee the country’s sovereignty. 

The march was also used to demand an end to data expiry dates for consumers.

Malema said that data was important for students to do research and for the unemployed youth to search for jobs. 

“We are not asking for luxury. We met with MTN and we told them that we don’t want this thing of data expiring and airtime. We equally want them to reduce the money for data. It is more expensive in South Africa compared to other countries,” he said.

Cape Times