Govt spending billions every day as fiscal year-end draws closer

KATHMANDU: Budget spending has increased at a significant rate as the fiscal year-end draws closer.

With less than two weeks remaining in the fiscal year, government offices are spending billions of rupees every day. According to the Financial Comptroller General Office (FCGO), as much as Rs 15.69 billion was spent on Wednesday alone, including Rs 3.77 billion in capital spending.

According to the FCGO, Rs 176.52 billion has been spent from the capital budget, which accounts for 46.641% of the total budget allocation, as of Wednesday. The government has allocated Rs 380.38 billion for capital spending in the current fiscal year.

Furthermore, 80.83% of the recurrent budget has been spent as of Wednesday. The government had allocated Rs 1,183.23 billion for recurrent expendtirue in the fiscal year, and so far, Rs 956.35 billion has been spent. On Wednesday alone, government offices spent Rs 9.56 billion from the recurrent budget.

In terms of financial management, 68.89% of the budget has been spent as of Wednesday. Out of the earmarked Rs 230.21 billion to service domestic and foreign debt, the government has spent Rs 158.58 billion as of Wednesday.

The total spending progress of the government stands at 71.99% as of Wednesday. OUt of the total budget of Rs 1,793.83 billion allocated for the 2022/23 fiscal year, Rs 1,291.46 billion has been spent as of Wednesday.