Five-month implementation of budget: Expenditure exceeds income

Five-month implementation of budget: Expenditure exceeds income

Kathmandu, Dec 17: The implementation status of the budget for the current fiscal year 2080-81 BS (2023-24) put it at a deficit.

According to annual budgetary comparative analysis of the Office of Auditor General, the government's expenditure till December 16 of the current fiscal surpassed the income. In the first five months of the fiscal year, the income makes up 26.07 percent of the annual target while expenditures make up 25.87 percent.

The government announced the total budget for the 1751.31 billion for the current fiscal year and the expenditures till the mid-December amounted to around Rs 453 billion.

According to the Office of the Auditor General, of the total spending, the current expenditure makes up 31.53 percent followed by 18.52 percent towards fiscal management and 11.94 percent towards the capital expenditures.

The government brought the budget of Rs 1141.78 billion under the capital headings and the expenditures in the last five months calculated at Rs 359.99 billion. Of the total budget of Rs 32.07 billon towards the capital headings, the expenditure so far is only Rs 36.06 billion.

Likewise, of total allocations of Rs 300.07 billion towards the fiscal management, the expenditures so far amounted to 56.94 billion.

The government's revenue collection also is not found as per the target in the first five months period of the current fiscal year. The government target is to collect revenue totaling Rs 1472 billion 484 million and 700 thousand in the current fiscal year. Revenue of Rs 383 billion 924 million and 200 thousand or 26.07 percent of the annual target has been collected so far.

An analysis of the government's income and expenditure till this period shows that Rs 69 billion 71 million and 500 thousand more has been spent as compared to the income. This means that the government has suffered a budget deficit of more than Rs 69 billion during the five-month period.

The government target is to collect revenue of Rs 1305 billion 479 million and 600 thousand towards tax revenue and Rs 117 billion 62 million and 100 thousand towards the non-tax revenue in the current fiscal year. Similarly, the government aims to raise foreign grants equivalent to Rs 49 billion and 943 million.

The tax revenue collection in the first five months of the current fiscal year is Rs 337 billion 186 million and 700 thousand or 25.83 percent of the annual target while the non-tax revenue collection is equivalent to Rs 26 billion242 million and 500 thousand or 22.42 percent of the annual target.

The government has taken foreign loan equivalent to Rs 2 billion and 758 million until December 16 of the current fiscal year.