Minister of Finance Chris Sinckler now has a near $1 billion hole to fill, as Government boosts its expenditure by close to $300 million in what is widely expected to be an election year.
One area of increased spending for the coming financial year will be wages and salaries, which according to the 2012-13 Estimates of Revenue and Expenditure laid in the House of Assembly yesterday, moves up by $22.9 million to $818.6 million.
The increase is due to increments, officials say.
Overall, Government’s total expenditure for the period has been projected at $3.64 billion – up from $3.34 billion last financial year – while money coming into the state is estimated at $2.65 billion, leaving a shortfall of $983 697 417.
Of the total figure, $2.93 billion will be going to current expenses of the state while $712.8 million will be used for capital expenditure and amortization of various public debts.
Read the full story in today’s MIDWEEK NATION.
