- South Africa's national debt now exceeds a staggering R3 trillion
- This means that the country now needs to pay R170 billion per year on interest alone
- The South African public reacted in horror to the news
South Africa's national debt has now exceeded the R3 trillion mark for the first time.
The disturbing figure was confirmed by Commodity.com and shared via social media.
Magnus Heystek (@MagnusHeystek), who serves as a director for a wealth management company, took to Twitter to share the new and added the caption: "Our national debt just went through the R3trillion mark today. Each man,woman and child owes R55 276 000! Our interest we pay is now R170bn per annum. Eish!"
Briefly.co.za noted that the post went viral as hundreds of concerned South Africans had their say.
One of the figures was inaccurate however, as the debt split per person amounts to R55 000 instead of the R55 million figure quoted by Heystek.
Tweeps pointed out the error and Heystek was quick to acknowledge and atone for the error.
However, most agreed that the total debt total and the amount of interest payable per year is huge cause for concern.
According to the report, the South African government is continuing to fund its current expenditure by incurring more debt.
The practice is said to be a 'vote winner' for the ruling party, but that the long term effects of the debt amplification can be devastating to the country.
Gcinumzi ka Saki (@KkKakaza) commented: "Some political parties want some amongst us to believe that when they win elections on 08/05 we will be in a country of milk and honey. Truth is, the country might even be borrowing during the weekend."
Czak Tattinger (@TheTatmeister) said, "Current expenses incurred because of shameless and ongoing theft from national coffers."
Cobus Cilliers (@CobusC82) responded, "Mr Heystek. Your math is wrong. It’s R55k per capita, not R55m per capita."
Landless Native (@rakadimo24) said, "Because of fruitless expenditure on the salary of 400 sleeping MP’s, more than 200 MPL’s, countless municipal councillors, expensive german machines for politicians, houses, body guards, and and and, we must really vote these crooks out of office."
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