December 2, 2021
Government Operations Results for October 2021
For the period of April to October 2021, the GOJ reported Total Revenues & Grants of $375.05 billion, $2.80 billion less than the Government’s projection. This represented an increase of approximately 26.8% relative to the $295.81 billion recorded for the corresponding period in 2020. ‘Tax Revenue’, ‘Non-Tax Revenue’ and ‘Grants’ underperformed projections during the review period. ‘Tax Revenue’ amounted to $311.36 billion, $1.96 billion less than budgeted. ‘Non-Tax Revenue’ amounted to $59.18 million during the review period, while ‘Grants’ closed the period at $3.62 billion, $340.4 million less than the budgeted amount. ‘Capital Revenue’ of $875.8 million was reported which was the same as the budgeted amount. Notably, no budgeted amount was booked for ‘Bauxite Levy’.
Expenditures
Total Expenditure for the period April to October 2021 amounted to $393.94 billion, $929.2 million less than the budgeted amount of $393.01 billion. Recurrent expenditure which totalled $364.61 billion, accounted for 93.99% of overall expenditures. Under the recurrent expenditure categories for the review period, the categories above the budgeted amount were ‘Programmes’ and ‘Interest’. ‘Programmes’ amounted to $149.68 billion which was $566.9 million or 0.4% more than budgeted. ‘Interest’ totalled $78.40 billion, 1.0% above the budgeted amount of $77.59 billion. Conversely ‘Compensation of Employees’ totalled $136.53 billion, $536.6 million below the budgeted amount of $137.07 billion. ‘Wages & Salaries’ totalled $124.84 billion, 0.4% less than budgeted. Additionally, ‘Employee Contribution’ totalled $11.69 billion, which matched the budgeted amount of $11.69 billion.
The ‘Fiscal Deficit’ was $18.89 billion, relative to a ‘Projected Deficit’ of $15.16 billion. Additionally, the ‘Primary Surplus Balance’ for the period amounted to $59.51 billion, relative to the ‘Budgeted Primary Surplus Balance’ of $62.43 billion.
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