Budget deficit crosses over Rs 156 billion in eight months

Budget deficit

Kathmandu, March 15

The government of Nepal’s budget deficit as of eight months of the current fiscal year 2022/23 has surpassed Rs 156.440 billion, according to the details unveiled by the Financial Comptroller General Office (FCGO).

The government has spent Rs 779.23 billion of its budget as of March 14 while revenue collection has remained at Rs 622.78.

Statistics show that the government has been able to achieve only 42.7 per cent of its annual revenue collection target while only 43.44 per cent of the budget expenditure target has been met so far.

The government introduced an annual budget of Rs 1.793 trillion for the fiscal year 2022/23.

Due to falling dismally short of the annual target, the government considered reducing the size of the budget by 14 per cent to Rs 1.549 trillion through a half-yearly review.

The current expenditure of the government in this period is 51.46 per cent, capital expenditure is 22.15 per cent and the expenditure towards fiscal management is 37.41 per cent.

Likewise, 22.15 per cent of the total annual allocation has been spent under the capital expenditure heading.

According to the data provided by the Comptroller General Office, the expenditure towards financial management is more than that of the capital expenditure during the eight months period.

The government revenue collection until March 14 is only equivalent to 42.7 per cent of the annual revenue collection target.

React to this post


New Old Popular