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.

Expenditures

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.

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