KATHMANDU: The government's revenue collection and expenditure fell short of annual targets in the fiscal year 2023-24, which ended on Monday. According to the Office of the Auditor General, revenue collection stood at 74.29% of the target, while budget expenditures amounted to 80.44%.

The government had allocated a total budget of Rs 1,751 billion for the fiscal year. By mid-July 2024, expenditures reached Rs 1,408 billion. Specifically, expenditures under the recurrent heading amounted to Rs 952 billion, which is 83.41% of the allocated budget of Rs 1,141 billion. Expenditures under the capital heading was Rs 191.7 billion, representing 63.47% of the allocated budget of Rs 302 billion. Expenditures under the financial management heading totaled Rs 264.6 billion, reaching 86.07% of the allocated budget of Rs 307.4 billion for the fiscal year.

The government had set a revenue collection target of Rs 1,472 billion but collected Rs 1,093 billion, achieving 74.29% of the target.

The government had set a target of receiving foreign grants of Rs 49.94 billion but the actual realization stood at Rs 11.22 billion, achieving only 22.48% of the target.

Despite revising the budget twice, the government failed to meet its goals. The revised estimates of budget, presented by outgoing Finance Minister Barsha Man Pun on May 28, stood at Rs 1,530 billion, which is 87.4% of the initial budget.

Expenditure estimates were revised to 88.84% for the current heading, 84.13% for the capital heading, and 87.39% for the financial management heading compared to initial allocations.

Through the mid-term review of the budget, the government had allocated Rs 1,067 billion towards current expenditure, Rs 215 billion towards capital expenditure, and Rs 247 billion towards financial management. Similarly, the revenue collection target was reset at Rs 1.253 trillion.