For the period of April 2017 to March 2018, the GOJ reported Total Revenues & Grants of $560.84 billion, $7.27 billion more than the Government’s projection. Furthermore, year over year, this represents an increase of approximately 12.2% relative to the $499.88 billion recorded for the corresponding period in 2017. ‘Tax Revenue’ and ‘Capital Revenue’ outperformed projections while ‘Non-Tax Revenues’ and ‘Grants’ underperformed projections during the review period. ‘Tax Revenue’ amounted to $496.89 billion, $6.97 billion more than budgeted while ‘Capital Revenue’ of $4.89 billion was reported; $1.49 billion more than budgeted. On the other hand, ‘Non-Tax Revenue’ totalled $53.31 billion, $934.2 million or 1.7% less than budgeted. Also, ‘Grants’ closed at $5.61 billion, $250.8 million or 4.3% below the budgeted figure of $5.86 billion. Notably, ‘Bauxite Levy’ performed within the budgeted figure of $127.50 million.
Total Expenditure for the period April to March 2018 amounted to $552.20 billion, $7.71 billion 1.4% less than the budgeted $559.91 billion. Recurrent expenditure which totalled $505.24 billion, accounted for 91.50% of overall expenditures. Relative to projections, recurrent expenditure was $4.56 billion (0.9%) less than budgeted. Of the recurrent expenditure categories over the review period, all categories with the exception of ‘Employee Contribution’ came in below budget. ‘Programmes’ which amounted to $176.78 billion was $993.8 million or 0.6% less than projected, ‘Compensation of Employees’ which amounted to $193.28 billion was $1.19 billion or 0.6% less than projected, while ‘Wages & Salaries’ amounted to $178.37 billion and was $2.28 billion or 1.3% less than projected. ‘Employee Contribution’ which amounted to $14.92 billion for the period was over budget by 7.9% relative to the budgeted $13.82 billion.
As a result of the increase in Revenue & Grants for the period April to March 2018, the ‘Fiscal Surplus’ was $8.63 billion, relative to a projected deficit of $6.35 billion. Additionally, the primary balance for the period amounted to $143.81 billion, 9.6% more than budgeted.
As part of the Memorandum of Economic and Financial Policies (MEFP), the GOJ estimates that the primary balance, as a performance criterion, should amount to $132 billion by the end of the 2017/2018 fiscal year. As at the end of March 2018, this amounted to $143.81 billion which indicated that the government surpassed its target. Tax Revenue was expected to total an estimated $478 billion by the end of the March quarter. The reported tax revenue for the quarter was $496.89 billion, $18.6 billion above target.
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