Date: February 03, 2020
For the period of April to December 2019, the GOJ reported Total Revenues & Grants of $468.43 billion, $9.67 billion more than the Government’s projection. Furthermore, year over year, this represents an increase of approximately 7.1% relative to the $437.30 billion recorded for the corresponding period in 2018. ‘Tax Revenue’, ‘Non-Tax Revenue’ and ‘Capital Revenues’ outperformed projections during the review period, while ‘Grants’ underperformed projections during the period. ‘Tax Revenue’ amounted to $414.75 billion, $7.68 billion more than budgeted while ‘Non-Tax Revenue’ of $48.96 billion was reported; $2.10 billion more than budgeted. Furthermore, ‘Capital Revenues’ totalled $826.3 million, $13 million or 1.6% more than budgeted. ‘Grants’ underperformed the budget by $124.3 million, amounting to $3.89 billion during the review period. Notably, no provisional amount was booked for ‘Bauxite Levy’ for the review period.
Expenditures
Total Expenditure for the period April to December 2019 amounted to $445.02 billion, $11.77 billion or 2.6% less than the budgeted amount of $456.79 billion. Recurrent expenditure which totalled $404.81 billion, accounted for 90.96% of overall expenditures. Relative to projections, recurrent expenditure was $5.71 billion (1.4%) less than budgeted. Of the recurrent expenditure categories for the review period, all categories were below the budgeted amount. ‘Programmes’ amounted to $157.72 billion which was $1.59 billion or 1.0% less than projected. Similarly, ‘Compensation of Employees’ which amounted to $158.52 billion was $813.10 million or 0.5% less than projected. In addition, ‘Employee Contribution’ totalled $11.29 billion, 5.8% less than the budgeted amount of $11.99 billion. Wages & Salaries’ amounted to $147.22 billion and was $120.50 million or 0.1% less than projected.
As a result of the decrease in Expenditures for the period April to December 2019, the ‘Fiscal Surplus’ was $23.40 billion, relative to a projected surplus of $1.96 billion. Additionally, the primary balance for the period amounted to $111.98 billion, 19.3% more than budgeted.
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