Zambia beats revenue target By 16% as mining and exports drive strong 2025 finish

Zambia closed 2025 with a significant fiscal outperformance, recording government revenue and grant inflows of $2.8 billion in the fourth quarter — nearly 16 percent above the $2.4 billion target set by the Ministry of Finance and National Planning.

The figures, published in the Ministry's latest Debt Statistical Bulletin and reported by Channel Africa, point to stronger-than-expected momentum across both the mining and non-mining sectors. Authorities attributed the revenue beat largely to improved profitability in the mining industry, which boosted income tax collections and helped push overall receipts beyond projections.

The fourth-quarter result forms part of a broader picture of rising exports and improved economic growth across 2025 — a marked contrast to the years of fiscal strain that preceded Zambia's debt restructuring process. With that process now concluded, the government has moved to restore budget credibility and rebuild relationships with investors and international creditors.

The data will be closely watched ahead of the August 2026 general election, with the UPND administration pointing to economic stabilisation as a central part of its record in office. Whether the gains are felt at household level — where the cost of living remains a live political issue — is likely to shape how voters assess the figures in the months ahead.

Source: Channel Africa — Zambia records strong revenue, export growth in 2025