August 3, 2022
Government Operations Results for June 2022
For the period of April to June 2022, the GOJ reported Total Revenues & Grants of $177.18 billion, $13.81 billion more than the Government’s projection. This represented an increase of approximately 1% relative to the $175.38 billion recorded for the corresponding period in 2021. ‘Grants’, ‘Bauxite Levy’ and ‘Capital Revenue’ underperformed projections during the review period. Grants closed the period at $629.40 million, $502.9 million less than the budgeted amount. ‘Bauxite Levy’ amounted to $204.60 million during the review period, $98.0 million less than the budgeted amount. ‘Capital Revenue’ recorded nil relative to the budgeted amount of $68.60 million. Conversely, ‘Tax Revenue’ closed the period at $164.36 billion, $12.41 billion more than the budgeted amount. ‘Non-Tax Revenue’ of $11.99 billion was reported which was 21% higher than the budgeted amount.
Total Expenditure for the period April to June 2022 amounted to $175.45 billion, $580.30 million more than the budgeted amount of $174.87 billion. Recurrent expenditure which totalled $161.64 billion, accounted for 92% of overall expenditures. Under the recurrent expenditure categories for the review period, the categories above the budgeted amount were ‘Wages and Salaries’ and ‘Interest’. ‘Wages and Salaries’ totalled $62.66 billion, 0.1% above the budgeted amount of $62.61 billion. While ‘Interest’ totalled $28.73 billion, $511.40 million above the budgeted amount.
The categories below the budgeted amount included ‘Programmes’ which amounted to $65.71 billion which was $399.4 million or 0.6% less than budgeted. Similarly, ‘Employee Contribution’ totalled $4.54 billion, which was $470.30 million below the budgeted amount of $5.01 billion. ‘Compensation of Employees’ totalled $67.20 billion, 0.6% less than budgeted.
The ‘Fiscal Deficit’ was $1.74 billion, relative to a ‘Projected Deficit’ of $11.49 billion. Additionally, the ‘Primary Surplus Balance’ for the period amounted to $30.47 billion, relative to the ‘Budgeted Primary Surplus Balance’ of $16.73 billion
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