Government did not meet its targeted revenue collection, achieving 74.44% of the goal.

The government of Nepal underwent tremendous hardship in fiscal year 2023/24 when it came to revenue collection and spending, as informed by the Financial Comptroller General Office. According to records from the Financial Comptroller General Office, revenue collection reached only 74.29 percent of the target, while government expenses amounted to 80.44 percent of the allocated budget.

Therefore, by mid-July, the government had spent approximately 80.34% of the total budget earmarked for the fiscal year. 

Breakdown of Expenditures

-Recurrent Expenditures: Rs 952 billion (83.41 percent of the allocated Rs 1.141 trillion)

-Development Budget: Rs 191.7 billion (63.47 percent of the allocated Rs 302 billion)

– Financial Management: Rs 264.6 billion (86.07 percent of the allocated Rs 307.4 billion)

Revenue Collection

Targeted Revenue: Rs 1.422 trillion

Actual Revenue Collected: Rs 1.058 trillion

Comparison with Previous Year: The revenue collected in the current fiscal year (Rs 1.058 trillion) was higher than that collected in the previous fiscal year (Rs 944.55 billion or 0.94455 trillion).

Revised Estimates and Shortfalls

Despite revising the budget upwards, the government still fell short of achieving even the revised target, collecting Rs 1.058 trillion instead. The increase in the budget from the original Rs 1.422 trillion to Rs 1.530 trillion reflects adjustments made throughout the fiscal year to account for changes in revenue and expenditure expectations.

The revised expectations were:

– Current Expenditure: Rs 1.067 trillion

– Capital Expenditure: Rs 215 billion

– Financial Management: Rs 247 billion

– Revenue Collection: Rs 1.253 trillion

 foreign grants

Targeted Foreign Grants: Rs 49.94 billion

Actual Foreign Grants Collected: Rs 11.22 billion