LAHORE, Jun 13 (APP):Punjab Finance Minister Mian Mujtaba Shuja-ur-Rehman presented the Punjab budget for financial year (FY) 2024-25 with a total outlay of Rs 5,446 billion including Rs. 842 billion for development programmes, in the Punjab Assembly session, held here on Thursday.

The minister said the government had allocated a total of Rs 842 billion for development programme, which is 28 per cent higher than the outgoing FY 2023-24’s budgetary allocation of Rs 655 billion. Out of the development budget, he elaborated, 33 per cent would be spent on social sector, 29pc on infrastructure, 13pc on production sector, and 5pc on services sector, while 20pc would go to special programmes/initiatives.

Giving break-up of the budget in his speech at the Punjab Assembly, the finance minister said that the total revenue collection was estimated at Rs 4643.40 billion, adding that under the National Finance Commission (NFC) Award, Punjab will receive Rs 3,683.10 billion from the federal divisible pool, while provincial receipts (own resource revenue) are estimated at Rs 960.30 billion (54 per cent higher than the current fiscal year) for financial year 2024-25. He mentioned that Punjab Revenue Authority (PRA) has been given revenue collection target of Rs 300 billion (25 percent high than FY2023-24), Board of Revenue Rs 105 billion (six per cent higher), and Excise Department Rs 57 billion (25pc higher), while under the head of non-tax revenue, Rs 488.40 billion collection is estimated which is 111pc higher than the FY 2023-24.

Terming the provincial budget tax-free, progressive and pro-business in the given circumstances, Mian Mujtaba said that during the financial year 2024-25, Rs 603.1 billion would be spent on salaries, Rs 451.40 billion on pension and Rs 857.40 allocated for local governments.