The Minister of Public Enterprises told Parliament last year that the taxpayer had forked out more than R270 billion in bailouts for state-owned entities (SOEs) over the past five years.
South Africa’s logistics utility accounted for most of the allocations over that five-year period.
In a presentation to Parliament this week, the Auditor-General’s Head of Audit, Bongani Ngoma, laid bare the state of irregular, fruitless, and wasteful expenditure by government departments and SOEs over the past five years.
Fruitless and wasteful expenditure, as well as irregular expenditure, respectively came to R1.4bn and R50.65bn for national government, and to R2.08bn and R69.35bn for SOEs.
South Africans are tired of paying taxes and getting bad or no services in return.
- Read the full column here: "No more SOE bailouts, IRR says, as Auditor-General exposes deep financial problems."
