Punjab’s budget for 2024-25 to be presented tomorrow

LAHORE: The Punjab government will present its budget for the next fiscal year, 2024-25, on June 13, 2024 (Thursday).

According to sources, an estimated budget of Rs5,390 billion will be presented for Punjab in the upcoming financial year.

Provincial Finance Minister Mujtaba Shujaur Rehman will present the budget, as the preparation of the budget document has been finalised.

Sources said that the new budget will be increased by Rs910 billion compared to the outgoing year’s budget. The Punjab budget is likely to see a 20.3 per cent increase, with an estimated Rs3,700 billion expected from the NFC for the next financial year.

Punjab’s own income has been estimated at Rs1,027 billion. Proposed allocations include Rs597 billion for salaries, Rs447 billion for pensions, and Rs841 billion for service delivery.

Sources also said a proposed increase in salaries of government employees and pensioners in line with the federal government has been finalised, and an allocation of up to Rs125 billion has been proposed for the repayment of external loans.

A development budget of Rs800 billion has been proposed, along with Rs600 billion for education and Rs406 billion for health. Additionally, Rs30 billion have been allocated for the Ramazan package, Rs8 billion for the CBD, and Rs1 billion for the endowment fund for the welfare of journalists.

Sources said a proposed tax collection target of Rs300 billion had been set for the Punjab Revenue Authority, Rs105 billion for the Board of Revenue, and Rs55 billion for Excise and Taxation. A non-provincial revenue target of Rs558 billion had been set for the next financial year.

It has proposed to allocate Rs121.74 billion crore for road sector schemes, Rs2 billion for special education, and Rs3.50 billion for literacy and non-formal education.

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Proposed allocations also include Rs4.87 billion for sports and youth affairs, Rs76.61 billion for specialised health care, and Rs33.89 billion for primary health care.

For the Population Welfare Department, Rs3 billion have been proposed, along with Rs8.99 billion for water supply and sanitation, and Rs1.579 billion for social welfare.

It has been proposed to allocate Rs92.6 million for the Women Development Department, Rs20.78 billion for public buildings, and Rs24.38 billion for urban development.

Furthermore, Rs10.798 billion have been proposed for the Department of Industries, and Rs37.386 billion for the Department of Planning and Development.