April 6, 2022
Government Operations Results for February 2022
For the period of April 2021 to February 2022, the GOJ reported Total Revenues & Grants of $602.59 billion, $12.93 billion less than the Government’s projection. This represented an increase of approximately 22.9% relative to the $490.16 billion recorded for the corresponding period in 2021. ‘Non-Tax Revenue’, ‘Tax Revenue’ and ‘Grants’ underperformed projections during the review period. ‘Non-Tax Revenue’ amounted to $76.07 billion during the review period, ‘Tax Revenue’ ended at $516.67 billion, while ‘Grants’ closed the period at $6.69 billion, $1.42 billion less than the budgeted amount. ‘Capital Revenue’ of $908.40 million was reported which was 3.7% higher than the budgeted amount. Notably ‘Bauxite Levy’ amounted to $2.26 billion, $102.4 million more than the budgeted amount.
Expenditures
Total Expenditure for the period April 2021 to February 2022 amounted to $625 billion, $2.62 billion less than the budgeted amount of $627.61 billion. Recurrent expenditure which totalled $580.91 billion, accounted for 92.95% of overall expenditures. Under the recurrent expenditure categories for the review period, the category above the budgeted amount was ‘Wages & Salaries’. This totalled $202.31 billion, 0.2% above the budgeted amount of $202 billion. The categories below the budgeted amount included ‘Programmes’ which amounted to $235.31 billion which was $3.67 billion or 1.5% less than budgeted. Comparably, ‘Employee Contribution’ totalled $17.61 billion, which was $323.40 million below the budgeted amount of $17.93 billion. ‘Interest’ totalled $125.68 billion, 0.1% less than budgeted. Additionally, ‘Compensation of Employees’ totalled $219.92 billion, which was equal to the budgeted amount.
The ‘Fiscal Deficit’ was $22.40 billion, relative to a ‘Projected Deficit’ of $12.08 billion. Additionally, the ‘Primary Surplus Balance’ for the period amounted to $103.28 billion, relative to the ‘Budgeted Primary Surplus Balance’ of $113.72 billion.
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