June 2, 2022
Government Operations Results for May 2022
For the period of April to May 2022, the GOJ reported Total Revenues & Grants of $107.76 billion, $6.30 billion more than the Government’s projection. This represented a decline of approximately 9.1% relative to the $118.58 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 $407.60 million, $319 million less than the budgeted amount. ‘Bauxite Levy’ amounted to $103.10 million during the review period, $98.20 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 $101.87 billion, $6.44 billion more than the budgeted amount. ‘Non-Tax Revenue’ of $5.38 billion was reported which was 6.9% higher than the budgeted amount.
Total Expenditure for the period April to May 2022 amounted to $117.61 billion, $957.40 million less than the budgeted amount of $118.56 billion. Recurrent expenditure which totalled $108.72 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 ‘Compensation of Employees’. ‘Wages and Salaries’ totalled $43.27 billion, 3.7% above the budgeted amount of $41.71 billion. While ‘Compensation of Employees’ totalled $46.35 billion, $1.26 billion above the budgeted amount.
The categories below the budgeted amount included ‘Programmes’ which amounted to $42.01 billion which was $2.30 billion or 5.2% less than budgeted. Similarly, ‘Employee Contribution’ totalled $3.08 billion, which was $296.90 million below the budgeted amount of $3.38 billion. ‘Interest’ totalled $20.36 billion, 0.9% less than budgeted.
The ‘Fiscal Deficit’ was $9.85 billion, relative to a ‘Projected Deficit’ of $17.11 billion. Additionally, the ‘Primary Surplus Balance’ for the period amounted to $10.52 billion, relative to the ‘Budgeted Primary Surplus Balance’ of $3.44 billion.
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