Lumbini Province unveils budget of Rs 38.96 billion 

LUMBINI: Lumbini Province government has allocated its annual budget of Rs 38.96 billion for the upcoming fiscal year 2024/25.

At Saturday's meeting of the province assembly, Minister for Economic Affairs and Planning, Chet Narayan Acharya, presented the budget, proposing Rs 11.24 billion (28.87%) of the total allocated budget for recurrent expenditure and Rs 23.58 billion (63.09%) for capital expenditure.

Additionally, Rs 3.14 billion has been earmarked for fiscal transfer.

Minister Acharya informed the assembly that the budget could not be increased compared to the current fiscal year due to a decline in grants from the federal government and provincial revenue sources.

Of the estimated expenditure for the next fiscal year, Rs 7.51 billion will come from internal revenue, Rs 12.15 billion from revenue sharing with the federal government, Rs 501.7 million in royalties from the federal government, and Rs 2.92 billion from revenue allocation at the local level.

Furthermore, Rs 8.28 billion will be mobilised from a financial equalisation grant from the federal government, Rs 4.19 billion from a conditional grant, Rs 795 million from a supplementary grant, Rs 744.6 million from a special grant, and Rs 2 billion from cash reserves of the current fiscal year.