October 19: The government’s expenditure has exceeded revenue collection in the first three months of the current fiscal year.

According to the latest data, the government's revenue collection stood in the review period was 15.93 percent of the annual target while the expenditure stood at 16.02 percent.

The Financial Comptroller General’s Office said that out of the total expenditure in the first three months of the fiscal year (FY) 2023-24, the current expenditure stood at 18.69 percent, followed by 16.05 percent towards financial management and 5.9 percent towards capital expenditures. 

The government had announced a budget of Rs 1,751.31 billion for the current fiscal year. 

The total allocation towards current expenditure is Rs 1,141.78 billion for this fiscal year with expenditures amounting to Rs 213.39 billion as of October 17. 

Likewise, the government has allocated Rs 302.07 billion towards capital expenditure, while the expenses under this heading stands at Rs 17.83 billion so far.

Under the headings of financial management, the government has allocated Rs 307.45 while the expenditure in the first quarter stands at Rs 49.34 billion.

The revenue collection in the first quarter is Rs 234.36 billion which makes up 15.93 percent of the annual target. The government has set a target to collect revenue worth Rs 1472.48 billion in the current fiscal.   

Despite the target of securing Rs 49.94 billion as foreign grant in the current fiscal, the achievement till date is 0.12 percent or Rs 61.08 million. -- RSS