Oil and Coal Prices Weaken, Non-Tax State Revenue Contributions Decline in January 2024

The Ministry of Finance (Kemenkeu) reported that state non-tax revenue (PNBP) reached Rp43.3 trillion in January 2024.

This realization is down 5.2% compared to January 2023 (year-on-year/yoy), which amounted to Rp45.7 trillion.

"This year (the realization) is slightly lower, due to lower commodity price moderation, such as oil and coal," said Deputy Minister of Finance Suahasil Nazara in a press conference on "Our State Budget" on his official YouTube channel, Thursday (22/2/2024).

He stated that this year's initial achievement is equivalent to 8.8% of the PNBP target set in the 2024 State Budget, which is Rp492 billion.

By sector, PNBP contributions in January 2024 mostly came from oil and gas natural resource (SDA) revenue, namely Rp9.5 trillion.

Meanwhile, oil and gas SDA revenue decreased by 18.1% (yoy), impacted by the moderation of crude oil prices and a decrease in oil lifting.

Then, revenue from non-oil and gas SDA in January 2024 reached Rp9.4 trillion, down 35.6% (yoy). Suahasil mentioned that this decrease was influenced by price moderation and the slowing down of coal production.

Meanwhile, non-SDA PNBP realization recorded positive results. One of them comes from the component of separated state assets (KND), increasing by 47.82% (yoy) to Rp6.8 trillion. This increase was contributed by interim dividend payments from the state-owned bank PT Bank Rakyat Indonesia Tbk.

Then there is revenue from Public Service Agencies (BLU) of Rp1.7 trillion, up 324.9% (yoy). This surge was contributed by hospital service revenue and education service revenue.

"Meanwhile, our fairly large BLU from palm oil plantations has not yet received any revenue," said Suahasil.

Finally, other PNBP contributions in January 2024 were around Rp15.9 trillion, up 9.65% (yoy), originating from revenue from the return of the previous fiscal year's expenditure (TAYL) and fines.