Govt misses revenue target by 16.18% in first half of 2024/25

KATHMANDU: The government missed its revenue collection target for the first half of fiscal year 2024/25 by 16.18%.

According to the Financial Comptroller General Office, the government mobilized Rs 559.6 billion in revenue over the first half of fiscal year 2024/25.

Although the total revenue collection during the first six months of the fiscal year 2024/25 is about Rs 63 billion higher than the revenue mobilized in the same period of 2023/24, it fell short of the revenue collection target set by the government for the first six months by around 16%.

The government had set a target of raising Rs 672 billion during the six-month period.

Data shows the government has achieved 40% of its revenue target for fiscal year 2024/25 in the first six months. The total revenue target for the current fiscal year is Rs 1,419 billion.

In the sixth month, the government mobilized Rs 60 billion in revenue.

Meanwhile, the government has achieved 39.06% spending progress over the first six months of the current fiscal year.

According to the Financial Comptroller General Office (FCGO), the government has so far spent Rs 667.6 billion, or 35.89%, of the allocated budget of Rs 1,860.3 billion for 2024/25.

While progress in recurrent spending stands at 39.63%, capital expenditure over the first half of the current fiscal year remains at a dismal 16.16%.

Out of the Rs 1,140.66 billion allocated for recurrent spending in the fiscal year, the government has spent Rs 452 billion. Similarly, out of the Rs 352.35 billion earmarked for capital expenditure in the current fiscal year, only Rs 56.9 billion has been spent by the sixth month.