April 6, 2022
Government Operations Results for March 2022
For the period of April 2021 to March 2022, the GOJ reported Total Revenues & Grants of $716.90 billion, $523.20 million less than the Government’s projection. This represented an increase of approximately 25% relative to the $575.40 billion recorded for the corresponding period in 2021. ‘Non-Tax Revenue’, ‘Capital Revenue’ and ‘Grants’ underperformed projections during the review period. ‘Non-Tax Revenue’ amounted to $92.83 billion during the review period, ‘Capital Revenue’ ended at $908.40 million, while ‘Grants’ closed the period at $7.66 billion, $3.15 billion less than the budgeted amount. ‘Tax Revenue’ of $613.04 billion was reported which was 1.1% higher than the budgeted amount. Notably ‘Bauxite Levy’ amounted to $2.46 billion, $306.30 million more than the budgeted amount.
Total Expenditure for the period April 2021 to March 2022 amounted to $698.90 billion, $12.88 billion less than the budgeted amount of $711.77 billion. Recurrent expenditure which totalled $648.39 billion, accounted for 93% of overall expenditures. Under the recurrent expenditure categories for the review period, the category above the budgeted amount was ‘Interest’. This totalled $137.05 billion, 0.5% above the budgeted amount of $136.42 billion. The categories below the budgeted amount included ‘Programmes’ which amounted to $269.59 billion which was $8.07 billion or 2.9% less than budgeted. Comparably, ‘Employee Contribution’ totalled $19.07 billion, which was $629.80 million below the budgeted amount of $19.70 billion. ‘Wages and Salaries’ totalled $222.68 billion, 0.5% less than budgeted. Additionally, ‘Compensation of Employees’ totalled $241.75 billion, which was 0.7% below the budgeted amount.
The ‘Fiscal Surplus’ was $18.01 billion, relative to a ‘Projected Surplus’ of $5.66 billion. Additionally, the ‘Primary Surplus Balance’ for the period amounted to $155.06 billion, relative to the ‘Budgeted Primary Surplus Balance’ of $142.08 billion.
Analyst Certification –The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.
Company Disclosure –The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.