Govt expenditure surpasses earnings by Rs 69.71 billion

KATHMANDU: The government’s spending over the first five months of fiscal year 2023/24 is Rs 69.71 billion higher than its earnings in the same period.

According to the Financial Comptroller General’s Office (FCGO), the government has mobilized Rs 383.92 billion through different taxes and grants. This is 26.07% of Rs 1,422.54 billion that it has targeted to mobilize in the current fiscal year.

The government’s spending during the period is higher than its earnings. Data shows the government has spent Rs 452.99 billion in the five months. Of the total spending, Rs 359.99 million is toward recurrent expenditure, including the government’s expenses covering staff salaries and other administrative works. Capital spending, however, stands at a dismal Rs 36.06 billion.

Likewise, Rs 56.94 billion has been spent toward fiscal transfers, which include funds allocated for subnational governments.

The government has set a target to raise Rs 55.45 billion through grants in the current fiscal year. However, it has become successful in receiving only Rs 3.41 billion in the first five months of 2023/24, which is 6.615% of the target.