July 17: In the fiscal year 2022/23, the federal government of Nepal has spent approximately 80 percent of the planned annual budget.

The government had allocated a budget of Rs 1783 billion 736.3 million for the last fiscal year. As the fiscal year draws to a close, public spending has accounted for 79.69 percent, equivalent to Rs 1429 billion 564 million, according to the Financial Comptroller General Office.

The breakdown of public spending reveals that 85 percent of the recurrent budget, 61 percent of the capitalized budget, and 82.58 percent of financial management expenditures were utilized.

 Under the recurrent budget heading, out of the allocated budget of around Rs 1183 billion, Rs 1005 billion 760 million was spent.

Under the capital expenditure category, Rs 233 billion 696 million was utilized out of the allocated budget of Rs 380 billion 384.5 million.

The FCGO data further discloses that Rs 190 billion 108.7 million was spent out of Rs 230 billion 217.7 million allocated for financial management.

In the last fiscal year, the government's revenue collection fell short of the planned budget expenses, with only 71 percent of the target being achieved. Consequently, a budget deficit of Rs 397 billion 872 million was recorded.