Parliament Nods to Federal Budget Bill

Jul 9 , 2022

Last week, Parliament approved the 786.6 billion Br federal budget bill for the 2022/23 fiscal year. The budget bill is 40pc higher than what lawmakers had approved for 2021/22 and around 16pc higher when accounting for the 122 billion Br supplementary budget approved last December. The budget comprises four components: recurrent and capital expenditures, as well as subsidies to the regional states and financing projects under the millennium developmental goals. The recurrent budget comprises close to 45pc of the total. A little less than 220 billion Br has been set aside for capital expenditures. Less than 200 billion Br has been apportioned to cover regional states' subsidies and pay for development projects. Authors of the budget bill propose to cover 61pc of the budget from domestic tax revenues.