Punjab government to present Rs 5 trillion budget today

LAHORE: The Punjab government is poised to present a budget exceeding Rs 5 trillion in the provincial assembly today.

This budget will reportedly include allocations covering eight months of expenditure under the caretaker government and provisions for the following three months under the newly elected administration.

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Scheduled for 2 PM, the Punjab Assembly session will be chaired by Speaker Malik Muhammad Ahmed Khan. According to sources within the Finance Department, Provincial Minister Mujtaba Shujaur Rehman is slated to unveil a budget worth Rs 1.3 trillion for the final quarter of the fiscal year, from April to June 2024, with a focus on development projects.

It has been revealed that the caretaker government utilised 85 per cent of its annual development budget, leaving some resources available for the new administration. Out of the previous budget of Rs 3.8 trillion, a substantial sum of Rs 675 billion was allocated specifically for various development initiatives, sources added.

Furthermore, a separate supplementary budget for the financial year 2022-23 is also expected to be presented during today’s session. Notably, the Punjab Assembly had previously approved a one-month budget for the new government.

The Punjab Assembly session will continue from March 18 to April 1, and will see deliberations on various aspects of the budget. General discussions on the budget are scheduled for March 21 and 22, while the annual budget for 2023-24 will be scrutinised on March 25 and 26.

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The budget approval is anticipated on March 27, with detailed expenditure breakdowns presented on March 28. Additionally, discussions on the supplementary budget are slated for March 29, followed by its approval on March 30, concluding with proceedings on Private Member’s Day on April 1.