Lumbini Province Records 12 Percent Rise in Internal Revenue Collection

Lumbini Province has seen improvement in internal revenue collection during the first 11 months of the current fiscal year. According to the financial statement presented in the Provincial Assembly by Economic Affairs and Planning Minister Dhanendra Karki, the province collected Rs 5.14 billion in internal revenue by Jestha 25. The amount is 12 percent higher than the revenue collected during the same period of the previous fiscal year. During the same period, Rs 26.57 billion was deposited into the provincial consolidated fund through federal grants, revenue sharing and the province’s internal sources.

The provincial government has spent Rs 17.47 billion so far in the current fiscal year, which is 44.85 percent of the total allocated budget. Of the total expenditure, Rs 10.11 billion was spent under capital expenditure and Rs 7.36 billion under recurrent expenditure. Under fiscal transfers to local levels, Rs 1.93 billion has been provided, of which 56.42 percent has already been spent. The first phase of the province capital management and construction program, a provincial pride project, has been completed with 100 percent physical progress and 95.58 percent financial progress. The province has projected economic growth of 2.87 percent for the current fiscal year, down from 4.27 percent in the previous year. The province’s gross domestic product is estimated to reach Rs 937 billion, with Lumbini contributing 14.2 percent to the national GDP.