November 2, 2020
Government Operations Results for September 2020
For the period of April to September 2020, the GOJ reported Total Revenues & Grants of $256.56 billion, $9.72 billion more than the Government’s projection. This represented a decrease of approximately 18.3% relative to the $313.95 billion recorded for the corresponding period in 2019. ‘Tax Revenue’, ‘Grants’ and ‘Non-Tax Revenue’ all outperformed projections during the review period. ‘Tax Revenue’ amounted to $223.69 billion, $7.98 billion more than budgeted. ‘Non-tax Revenue’ of $29.88 billion was reported, $1.46 billion more than budgeted. ‘Grants’ amounted to $2.99 billion during the review period and outperformed the budget by $262 million. Notably, no budgeted amount was booked for ‘Bauxite Levy’ and ‘Capital Revenue’; however, ‘Capital Revenue’ closed the period with a provisional amount of $22.1 million.
Expenditures
Total Expenditure for the period April to September 2020 amounted to $317.87 billion, $5.69 billion or 1.8% less than the budgeted amount of $323.56 billion. Recurrent expenditure which totalled $294.78 billion, accounted for 92.74% of overall expenditures. Of the recurrent expenditure categories for the review period, the categories above the budgeted amount were ‘Compensation of Employees’ and ‘Wages and Salaries’. ‘Compensation of Employees’ amounted to $110.40 billion and was $47.4 million or 0.04% more than budgeted while ‘Wages and Salaries’ totalled $103.36 billion, 0.5% above the budgeted amount of $102.84 billion. Relative to projections, ‘Programmes totalled $120.57 billion, 3.2% less than budgeted. Additionally, ‘Employee Contribution’ totalled $7.04 billion, 6.4% less than the budgeted amount of $7.51 billion.
The ‘Fiscal Deficit’ was $61.30 billion, relative to a ‘Projected Deficit’ of $76.71 billion. Additionally, the primary surplus balance for the period amounted to $2.52 billion, relative to the budgeted primary deficit balance of $9.84 billion.
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