Govt's Rs103b saving a turn up for the books

Province continues upward trend in revenue collection

PESHAWAR:

The Khyber-Pakhtunkhwa government successfully saved Rs103 billion rupees during the first quarter of the current fiscal year 2024-25.

The provincial government's total revenue during the first quarter amounted to Rs316 billion, while expenditures were Rs212 billion, allowing the provincial government to save more than Rs100 billion.

According to statistics released by the Ministry of Finance for the first quarter from July to September, the total revenue was Rs316.7 billion, of which Rs257.22 billion came from federal transfers.

The province generated Rs13.86 billion from its own taxes, and received Rs9 billion rupees as nontax revenue.

In addition, the federal government provided loans and grants amounting to Rs36.54 billion, including Rs31 billion rupees in development and ongoing grants.

During the first quarter, the province's total expenditures were Rs212.95 billion, with current expenses accounting for Rs234.48 billion and Rs27.38 billion spent on developmental works under the Public Sector Development Program (PSDP).

Overall, the province's savings amounted to Rs103.752 billion. It is worth noting that these expenses do not include development expenditures at the provincial level.

2024 has seen a turn up in the books for K-P. It was reported in July that the Khyber-Pakhtunkhwa Revenue Authority (KPRA) outperformed its revenue goals by collecting Rs41.77 billion against the Rs35 billion target assigned to it by the provincial government for the Financial Year 2023-24.