KUALA LUMPUR – Prime Minister Anwar Ibrahim on Friday unveiled an expanded RM388 billion (S$118 billion) government budget for this year which focused on supporting Malaysias lower-income groups, taxing the wealthy and keeping the national debt in check.
The Pakatan Harapan chief, who is also Finance Minister, is taking advantage of higher government revenue to raise spending, after Malaysias economy performed better than expected last year with economic growth at 8.7 per cent.
Budget 2022 was valued at RM332.1 billion but actual spending, largely due to a record RM80 billion in subsidies resulting from soaring fuel costs, came in at RM395.2 billion. Stripping out the subsidy element expected to be capped at RM64 billion this year, thanks to lower oil prices the governments expenditure this year is set to exceed that of last year.
Some of the expenditure will be channelled towards the lower-income groups in the form of lower personal income taxes, tax incentives for small enterprises and RM8 billion in cash handouts to the poorest 60 per cent.
Datuk Seri Anwar justified the additional spending in the face of global economic uncertainties, warning that despite a strong recovery last year, Malaysias growth has been trending downwards. On a quarter-on-quarter basis, growth was 3.8 per cent, 3.5 per cent, 1.9 per cent and -2.6 per cent across 2022.
As income and wealth is concentrated among the upper classes and wealthy elite, it is appropriate that redistribution is focused on the poor and middle-class, he said.
Fridays Budget was Mr Anwars first since taking office after the general election in November.
Although national polls have already taken place, Budget 2023 is still seen as an election budget because six states are expected to head to the ballot box in July, with about half of Malaysias electorate casting their vote.
The result of this vote will have a huge impact on the stability of Mr Anwars administration, especially if its political partner Umno does not improve on its poor showing in November. The so-called unity government was cobbled together after the election resulted in Malaysias first ever hung Parliament.
So far, government finances appear to be in Mr Anwars favour.
The fiscal deficit was 5.6 per cent of GDP last year, lower than the targeted 6 per cent, thanks to the 8.7 per cent economic growth which exceeded projections of 6.5 to 7 per cent.
A larger economy will also boost government coffers, which means Mr Anwar can still aim to trim the deficit to 5 per cent this year despite his ambitious spending plan and gross domestic product growth expected to moderate to 4.5 per cent this year.
This growth estimate is higher than World Bank and Fitch projections of 4 per cent and Mr Anwar was optimistic that efforts to implement reforms and Budget 2023 measures would see Malaysia surpass his own 4.5 per cent target.
He also added that while revenue estimates of RM291.5 billion for 2023 are lower than the RM294.4 billion collected last year, this is before taking into account additional sources that will be announced in coming weeks. More On This Topic Malaysia to focus on living costs, raising wages as growth slows ahead of looming state polls Malaysian PM Anwar rules out reintroducing GST despite high debt The Premier did not offer more details on these measures but said in his speech that a tax on luxury goods as well as e-cigarettes and vaping would be introduced.
This is on top of a tax hike for 150,000 taxpayers who earn over RM100,000 a year.
He also committed to continue reducing the Budget deficit to 3.2 per cent in 2025, stressing at the start of his speech that his government had inherited debt which is expected to breach RM1.2 trillion this year, or 60 per cent of GDP. Servicing the interest alone would require RM46 billion, or 16 per cent of revenue.
The Premier also focused on corruption and administrative leakages, revealing that RM10 billion in diesel subsidies was misappropriated last year. Meanwhile, RM22 billion in flood mitigation and deals to empower Bumiputera contractors handed out through direct negotiations were reopened for tender bids, with expected savings of RM3 billion.
This is proof of the excesses… that must be stopped if we want the nation to leap forward, he said.
Malaysias fiscal trajectory is closely watched by the marketplace after two years of Covid-19 restrictions, when the government was forced to deepen borrowings to pay for welfare and economic stimulus packages.
Development expenditure will surge this year to RM99 billion including a standard RM2 billion reserve for unforeseen circumstances which was classified under development for the first time from RM71.6 billion in 2022, with the largest segment to be spent on improving transport infrastructure including for urban rail networks, roads and ports. More On This Topic What Anwar needs to do to tackle Malaysia's rising cost of living Malaysias economy a tale of two halves
Two years after the five-star quartet of quarterbacks in the ESPN 300 were wowing fans and garnering “next big thing” buzz for their abilities, reality has hit harder than the most ferocious blitzing linebackers.
As college football’s spring transfer portal closed Friday, Malachi Nelson, Jackson Arnold and Dante Moore are looking to ignite their careers at schools different from their initial ones. Texas Longhorns quarterback Arch Manning is the only one from that 2023 group who has stayed with his first choice.
All four quarterbacks were ranked in the top five of the ESPN 300 that year.
“It’s really just a sign of the times,” ESPN’s director of football recruiting Billy Tucker said. “That class wasn’t any less special because they transferred. It’s just that the culture now is about instant gratification. I don’t know that what happened with the 2023 quarterbacks isn’t the norm.”
Nelson was the top ranked prospect in 2023 and began his collegiate career with the USC Trojans.
As a freshman, he served as a backup to Caleb Williams, the 2022 Heisman Trophy winner. Nelson threw only three passes that season.
Nelson transferred to Boise State, where he lost out on the starting spot to Maddux Madsen, who led the team to a 12-2 record and an appearance in the College Football Playoff.
Again, Nelson barely saw playing time, going 12-of-17 for just 66 yards last season before reentering the portal.
In January, he reportedly turned down more lucrative offers to join Scotty Walden at UTEP, where the path to being a starter seems like a forgone conclusion.
Moore checked in at No. 2 in 2023 and began his career at UCLA, where he struggled to find a rhythm in limited playing time. In nine games with the Bruins, Moore threw 11 touchdowns, nine interceptions and got sacked 16 times. He transferred to Oregon in December 2023 — after a year sitting behind star quarterback Dillon Gabriel in 2024. Moore appears to be the heir apparent in Eugene though it isn’t guaranteed.
“For most high-profile prospects these days, and certainly quarterbacks, the path to the starting spot needs to be clear by spring of their freshman year,” Tucker said. “And if it’s not then there’s a really good chance they’ll leave.”
The opposite happened for Arnold at Oklahoma, but it still wasn’t enough.
The 6-foot-1, 211-pounder was ranked No. 3 in 2023 and won Gatorade National Player of the Year as a high school senior. By his sophomore season in Norman, he earned the starting position.
Arnold amassed 1,421 passing yards, 444 rushing yards and 15 total touchdowns in a dismal 6-6 season that saw him get demoted and promoted. The tumultuous experience prompted Arnold to transfer to Auburn in December. His path to outright starter seems imminent.
Then there’s Manning, who checked in at No. 5 overall in 2023.
Being the grandson of New Orleans Saints legend Archie Manning and nephew of Super Bowl MVP quarterbacks Peyton and Eli Manning, Arch summed up his thought process about remaining at Texas in five words in a recent news conference, simply saying, “Sometimes it’s worth the wait.”
In two years in Austin, Manning has appeared in nine games, two of which he started.
Last season, he went 61-of-90 passing for 939 yards and nine touchdowns and rushed for 108 yards and four more scores.
Now, the stage is set for him to lead the Longhorns during the 2025 season.
“This used to be the norm,” Tucker said of Manning waiting his turn. “You wait the two years and you’re starting as a junior. Now, even if you’re getting paid, it’s not enough if you’re not starting. Any adversity and the guys are leaving. It’s just the current landscape in college football.”
Tucker, who also serves as director of the Under Armour All-America Game, said he would caution current and future stars about using the transfer portal entry as a knee-jerk reaction.
“Look at Georgia, a lot of their defensive guys are one-year starters and then they’re in the NFL first round,” Tucker said. “It’s not like you need three years of proven production to make it. That NIL money could get multiplied by at least five in my opinion. If you can stay the course and have one to two good years at a proven program, you’ll more than make up any money you could’ve lost in NIL. It’s more about the people guiding these players not being as informed as they need to be. It stinks, but until there are rules to govern the current landscape, we’ll continue to see this.”
Eli Lederman covers college football and recruiting for ESPN.com. He joined ESPN in 2024 after covering the University of Oklahoma for Sellout Crowd and the Tulsa World.
Four-star quarterback Brady Smigiel, ESPN’s No. 4 pocket passer in the 2026 class, has committed to Michigan, sources told ESPN on Saturday.
A 6-foot-5, 210-pound prospect from Newbury Park, California, Smigiel is the No. 45 overall recruit in the 2026 ESPN 300 and began the weekend as the cycle’s No. 2 available quarterback. The former Florida State commit becomes the highest-ranked member of coach Sherrone Moore’s 2026 recruiting class.
Smigiel visited the Wolverines’ for the program’s spring game on April 19.
“We just thought it was time to make the decision and when I went out to Michigan I knew it was the spot for me,” Smigiel told ESPN. “Being able to see the strength staff and how they handle the players — the discipline within the program — it was all really impressive.”
Smigiel noted his connection with first-year Michigan offensive coordinator Chip Lindsey, who previously recruited Smigiel at North Carolina, as a key factor in his decision. Program tradition and the opportunity to step into the Wolverines’ thin quarterback depth behind five-star freshman Bryce Underwood also played a role in Smigiel’s move to commit prior to previously scheduled official visits to Washington and South Carolina later this spring.
With Smigiel’s pledge, Michigan now holds two ESPN 300 commitments in the 2026 cycle following the February addition of four-star offensive guard Bear McWhorter (No. 186 overall).
The Wolverines also hold pledges from three-star cornerback Brody Jennings and wide receiver Jaylen Pile in 2026. The Wolverines remain in the mix for a handful of top 2026 targets, including linebacker Anthony Jones (No. 25 overall), tight end Ian Premer (No. 60) and running back Javian Osborne (No. 81).
Michigan was a leading finalist for Smigiel’s pledge last June when he committed to Florida State over the Wolverines, Ohio State, Oregon and Washington.
Smigiel shut down his recruitment following his summer pledge and remained a cornerstone of the Seminoles’ 2026 class through the program’s 2-10 finish last fall before pulling his commitment from Florida State in late-January. At the time, Smigiel pointed to the offseason reshuffle of the program’s coaching staff and a scheme change under first-year offensive coordinator Gus Malzahn as the primary driver in his decision.
“I just didn’t feel like Florida State was that spot for me anymore,” Smigiel told ESPN in early February. I committed to coach (Mike) Norvell calling the plays and now that he’s not, it’s a completely different situation.”
Auburn, Michigan, Ohio State, South Carolina, UCLA and Washington emerged as early leaders in Smigiel’s renewed process in February, and he later took unofficial trips to Washington, South Carolina and UCLA.
Sources told ESPN that Washington was a serious contender for Smigiel’s pledge before four-star quarterback Derek Zammit committed to the program on April 19. North Carolina and South Carolina also made significant pushes over the last week prior to Smigiel’s commitment to the Wolverines.
Equipped with standout arm strength and elite downfield accuracy, Smigiel is one of the most polished quarterback prospects in the 2026 class.
Smigiel is a three-year starter and will enter his senior season with 11,228 passing yards and 147 touchdowns for his prep career. He threw for 3,521 yards and 49 touchdowns and led Newbury Park to a division title as a junior last fall.
Upon Smigiel’s pledge, only five of the 18 quarterbacks ranked inside the ESPN 300 remain uncommitted, led by No. 1 overall quarterback Jared Curtis and fellow top 100 passer Ryder Lyons (No. 50 overall).
Curtis, No. 5 in the ESPN 300, is set to choose between Georgia and Oregon on May 5.
College football reporter; joined ESPN in 2008. Graduate of Northwestern University.
Tulane quarterback TJ Finley is once again in the transfer portal after being suspended earlier this month pending the outcome of a legal case.
Finley, who has spent time at five FBS programs in his career, entered the portal Friday morning. He was arrested April 2 on a charge of illegal possession of stolen things worth more than $25,000, after police linked the license plate of a truck he was driving to a stolen vehicle in Atlanta.
His attorneys claim Finley is the victim of a scam after buying a used truck via a social media marketplace. Finley is due in court June 1 in New Orleans.
Tulane on Thursday received a commitment from quarterback transfer Brendan Sullivan, who started three games last season for Iowa and made some starts for Northwestern in 2022 and 2023.
Finley began his college career at LSU in 2020, starting five games and passing for 941 yards with five touchdowns and five interceptions. He then transferred to Auburn, where he opened the 2022 season as the team’s starter before injuring his throwing shoulder just before SEC play began.
Finley had his most productive season in 2023 at Texas State, where he passed for 3,439 yards with 24 touchdowns and eight interceptions. He then transferred to Western Kentucky, where he was the backup last season, before joining Tulane in December.
The Ponchatoula, Louisiana, native had been competing with fellow transfers Kadin Semonza and Donovan Leary for the starting role before the suspension.