Dar es Salaam. The Office of the Treasury Registrar (OTR) has surpassed its target for Non-Tax Revenue (NTR) collection by 13 percent for the month of November this year, marking a significant milestone for the country’s fiscal management.
The announcement that was made in Dar es Salaam by the Treasury Registrar, Mr Nehemiah Mchechu, on Wednesday, December 4, 2024, underscores the government’s effective financial oversight and its ability to mobilize alternative revenue streams, which are essential for funding key development projects and supporting national economic stability.
“As of November 29, we had collected Sh33.1 billion, which is 113 percent of our target to collect Sh29.4 billion,” Mr Mchechu shared the good news.
This achievement is driven by a diverse range of sources, including Public and Statutory Corporations (PSCs) and companies in which the government holds a minority stake.
The primary sources of NTR for the OTR include dividends, contributions to the consolidated fund, surpluses and other remittances, interest and loan repayments, as well as remittances from the telecommunication transfer monitoring system.
These sources of revenue have become crucial as governments look to diversify their funding streams beyond traditional tax-based income.
By achieving 113 percent of its target, the OTR has demonstrated effective management and a robust framework for collecting funds from a broad array of entities.
NTR, while often overshadowed by tax income, plays an essential role in sustaining public spending, particularly in sectors such as infrastructure development, education, and health.
Additionally, the rise in non-tax revenue collections signals a shift towards more efficient management of public sector assets.
By optimizing returns from state-owned enterprises and other government investments, Tanzania is tapping into underutilized sources of income.
This approach not only boosts public funds but also encourages greater accountability and transparency in the management of public resources.
The success in exceeding revenue targets for November should serve as a foundation for future strategies, particularly as the government continues to pursue sustainable economic growth through diversified revenue generation.
With ongoing efforts to enhance transparency, streamline revenue collection processes, and maximize returns from state assets, Tanzania is positioning itself for a more financially secure future.
