By Our Reporter
The fiscal year 2023/24 has closed with poor revenue mobilisation and capital expenditure as in the past. As a result, the financial outcomes have fallen short of expectations.
According to the daily report of the Financial Comptroller General Office under the Ministry of Finance, revenue mobilisation of the government stood at only 74 per cent of the target while the capital expenditure stood at 63 per cent of the total allocation in the last fiscal year 2023/24.
The revenue collection of the government amounted to Rs. 1,058.89 billion which is 74.44 per cent of the initial annual target (Rs. 1,422.54 billion).
Out of total revenue collection, tax revenue stood at Rs. 944.55 billion or 72.35 per cent of the target and non-tax revenue stood at Rs. 114.34 billion or 97.68 per cent of the annual target.
Of the total revenue collection target of Rs 1,422.54 billion, the goal was to collect Rs. 1,305.4 billion tax revenue and Rs. 117.06 billion in non-tax revenue in the last fiscal year.
During the last fiscal year, only Rs. 11.22 billion grant was received by the government. It is merely 22.48 per cent of the annual target of the government.
The government had set an annual target of receiving Rs. 49.94 billion grant in the fiscal year that ended on Monday.
The government had collected revenue of Rs. 957.15 billion during the fiscal year 2022/23. It was only 68.21 per cent of the annual target of Rs. 1,403.14 billion.
Meanwhile, budget deficit of the government reached about Rs. 315 billion in the last fiscal year 2023/24.
During the last fiscal year, the total income of the government stood at Rs. 1,093.97 billion. This is 74.29 per cent of the annual receipts target of the government.
In the last fiscal year, the government spent Rs. 1,408.76 billion. The government was in deficit during the last fiscal year due to higher expenses than the total income.
The government spent 80.44 per cent of the total budget allocation.
The government had introduced a budget of Rs. 1,751.31 billion for the last fiscal year 2023/24.
Of the total budget expenses, capital expenditure stood only at 63.47 per cent of total allocation in during the last fiscal year.
Of the Rs. 302 billion allocated under capital expenditure, only Rs. 191.71 billion had been spent in the last fiscal year.
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