Indranee Rajah on prudent and disciplined spending to build and protect land and financial reserves
Share this content
Indranee Rajah on prudent and disciplined spending to build and protect land and financial reserves(Updated: )
For Government budgeting, land sales proceeds are not considered part of the revenue and cannot be directly used for expenditure. Instead, they are invested. Part of the investment income is used to support the spending needs of Singaporeans via the Net Investment Returns Contribution (NIRC). Second Minister for Finance Indranee Rajah highlighted this approach in Parliament on Monday (Apr 5) in reply to an MP's question. She said the NIRC is now the largest single source of Government revenue, supporting about one-fifth of Singapore's spending needs.