March 4, 2022
Government Operations Results for January 2022
For the period of April 2021 to January 2022, the GOJ reported Total Revenues & Grants of $549.70 billion, $4.23 billion less than the Government’s projection. This represented an increase of approximately 24% relative to the $443.37 billion recorded for the corresponding period in 2021. ‘Non-Tax Revenue’ and ‘Grants’ underperformed projections during the review period. ‘Non-Tax Revenue’ amounted to $72.08 billion during the review period, while ‘Grants’ closed the period at $6.40 billion, $312.7 million less than the budgeted amount. ‘Tax Revenue’ outperformed the budget to end at $468.05 billion, $354.2 million more than budgeted. ‘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.
Total Expenditure for the period April 2021 to January 2022 amounted to $563.45 billion, $6.34 billion less than the budgeted amount of $569.79 billion. Recurrent expenditure which totalled $524.06 billion, accounted for 93.01% of overall expenditures. Under the recurrent expenditure categories for the review period, the category above the budgeted amount was ‘Wages & Salaries’. This totalled $184.21 billion, 0.01% above the budgeted amount of $184.19 billion. The categories below the budgeted amount included ‘Programmes’ which amounted to $214.08 billion which was $3.74 billion or 1.7% less than budgeted. Comparably, ‘Employee Contribution’ totalled $16.18 billion, was $19 million below the budgeted amount of $16.20 billion. ‘Interest’ totalled $109.59 billion, 1.9% less than budgeted. Additionally, ‘Compensation of Employees’ totalled $200.39 billion, which was equal to the budgeted amount.
The ‘Fiscal Deficit’ was $13.75 billion, relative to a ‘Projected Deficit’ of $15.86 billion. Additionally, the ‘Primary Surplus Balance’ for the period amounted to $95.84 billion, relative to the ‘Budgeted Primary Surplus Balance’ of $95.84 billion.
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