Maryam Nawaz unveils housing fund in ambitious Punjab budget

LAHORE: Ahead of provincial budget announcement, Punjab Chief Minister Maryam Nawaz has announced funding for the construction of houses up to 5 marlas.

This initiative is part of the newly signed 2024-25 budget, aimed at easing financial burdens and enhancing the living standards of the people.

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CM Nawaz, during the budget signing ceremony, emphasised the government’s dedication to facilitating public convenience. She said that the budget notably refrains from imposing new taxes, instead focusing on increasing revenue through existing financial resources. “Our goal is to expand the financial capacity of the province without adding new tax pressures on our citizens,” she said.

The Punjab government has set a revenue target of Rs 960 billion, up from the previous year’s Rs 625 billion, marking a 53% increase in revenue generation from provincial sources. The approved budget, amounting to Rs 5,446 billion, includes a substantial development expenditure of Rs 842 billion, earmarked for 77 new mega projects in the annual development plan (ADP). This represents a record development budget for the province.

The chief minister highlighted the relentless efforts of her cabinet and team, who are working tirelessly to implement these initiatives. She spoke on a significant reorganisation that will see the consolidation of water supply and irrigation services into a single department, enhancing efficiency.

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Additionally, farmers in South Punjab will benefit from livestock provisions. The budget also introduces an increase in the minimum wage, raising it from Rs 32,000 to Rs 37,000, in line with the federal budget announced yesterday.

The Punjab Assembly is in session today to present a surplus budget of Rs 630 billion.