Khyber Pakhtunkhwa Minister for Finance Aftab Alam presented a Rs. 1,754 billion annual budget for the fiscal year 2024-25 with a surplus of Rs. 100Â billion on Friday.
In a surprise move, the KP assembly unveiled its budget ahead of the announcement of the federal budget. The federal budget is likely to be presented on June 7.
The Khyber Pakhtunkhwa government has projected Rs. 1,654 billion in expenses, the minister said during the budget speech in the assembly, adding that as per the instructions of Chief Minister Ali Amin Gandapur, the budget 2024-25 mainly focused on social protection, peace, employment opportunities, and economic development.
The government has proposed a 10 percent increase in both salaries and pensions of the government employees and an increase in minimum wage from Rs. 32,000 to 36,000.
While giving details of the budget 2024-25, he said that the government anticipated receiving Rs. 1,754 billion under different heads during FY25 including Rs. 1,212 billion from the federal government under Federal Tax Assignment, one percent of the divisible pool on war on terror, Straight Transfer under the head of royalties and surcharge on oil and gas, windfall levy and net hydel profit.
He said that the province considerably improved its income during the last few years and had chalked out a mobilization plan and fixed a target of achieving Rs 93.5 billion in revenue for the fiscal year 2024-25.
The provincial finance minister said that the budget 2024-25 was not just a budget document rather it was also a road map for the development and prosperity of the province and also a reflection of the government’s strong resolve to uphold social justice, and gender equality.
