KATHMANDU: The government’s capital expenditure stands at mere Rs 140.16 billion against the target of Rs 378.97 billion as the new fiscal year is just 27 days away. In terms of percentage, capital spent so far is only 37.07 percent.
The government had committed to increase expenditure on development works and vowed to take all measures to achieve that end. However, towards the closure of the fiscal year, a different picture is before the nation.
Finance Minister Janardan Sharma had announced minimum monthly expenditure of 10 percent but sadly the reality is far from it.
Taking to the national news agency a few days ago, he again committed to take all possible measures to ensure that capital is spent as planned in the upcoming fiscal.
According to the 0Office of the Auditor General, a constitutional body and the supreme audit institution in the country, the government failed to increase its spending on development works as expected.
The goverment’s total expenditure equals to 64.55 percent till Saturday (June 18) and recurrent expenditure accounts for the larger portion of government expenditure. Civil servants salary allowance and daily expenses make the most of recurrent expenses.
Recurrent expenditure was equivalent to Rs. 822.45 billion i.e. 77.2 percent. The government had set target of Rs 1.065 trillion in recurrent expenditure in the current fiscal year. Here also the government falls short of its committments.
Towards fiscal management, a total of Rs. 91.37 billion out of the allocated Rs 189.43 billion has been spent this fiscal.
This fiscal year’s allocated fiscal management budget also included the principal and interest on loans to be paid to the donors and the payment deadlines vary. However, the government has spent only 48.24 percent of the allocated fiscal management budget so far.
The government had set a target of collecting revenue of Rs. 1.180 trillion in the current fiscal year.
Of the target, Rs. 948.20 billion, including customs revenue, has been collected in revenue so far. Revenue collection in terms of percentage is 80.23 against the target. Of the 948.20 billion revenue collected this fiscal, tax revenue alone accounted for Rs. 878.33 billion.
The government had eyed collecting Rs 1.067 trillion as tax revenue in the current fiscal year. Out of the total target, 82.24 percent target has been met.
Similarly, towards non-tax revenue, Rs. 69.87 billion of the targeted Rs. 112.63 billion i.e. 62.04 percent has been collected so far.
Towards grants collection, of Rs. 59.91 billion target, only Rs. 13.88 billion has been collected this fiscal – which is 23.17 percent of the total target.
In the budget unveiled for the coming fiscal year on May 29, Finance Minister Sharma put the government’s revised estimate of total expenditure for running fiscal year to stand at Rs. 1.447 trillion or 88.6 percent.
The Finance Minister reestimated that out of the total government expenditure, recurrent expenditure would amount to Rs. 971.86 billion i.e. 91.2 percent, capital expenditure to Rs. 390 million i.e 79.4 percent and fiscal management expense to Rs. 175.56 billion or 92.7 percent.
Comment