Budget Item

Approved 2002/2003Budget

Projected Outturn for 2002/2003

Proposed 2003/2004Budget

Revenues and Grants

45.2

43.0

40.1

Revenue

40.1

39.6

36.8

Tax Revenue

34.1

32.9

30.7

Customs

19.1

19.1

16.3

Income Tax

9.2

8.1

8.7

Sales Tax/VAT

4.6

4.5

4.5

Oil Levy

1.0

1.1

1.0

Other Tax Revenues

0.2

0.1

0.2

Non-tax revenue

6.0

6.8

6.1

Water Royalty

2.2

2.8

2.5

Other non-tax

3.8

4.0

3.6

Grants

5.1

3.4

3.4

Project Grants

3.8

2.6

3.1

Budgetary Support

1.3

0.8

0.3

Expenditure & Net lending

45.8

48.0

45.3

Recurrent Expenditure

35.4

38.9

35.8

Wages and Salaries

14.3

14.0

12.9

Other Purchases

18.3

21.9

20.4

Transfers and Subsidies

6.0

6.5

7.2

Of which famine relief

0.0

0.1

0.0

Other Goods and Services

12.3

15.5

13.2

Interest Payments

2.8

2.9

2.4

Foreign Debt

1.5

1.4

1.3

Domestic Debt

1.3

1.4

1.1

Capital Expenditure

10.4

10.0

9.7

GoL Funded

4.0

4.1

3.7

Externally Funded

6.4

5.8

6.0

Grant Funded

3.8

3.3

3.1

Loan Funded

2.6

2.6

3.0

Net Lending

0.0

-0.8

-0.2

Overall deficit before grants

-5.7

-8.4

-8.5

Overall deficit after grants

-0.6

-5.0

-5.2

Total Financing

0.6

5.0

5.2

Foreign Financing

1.0

0.2

0.0

Loan Drawings

4.0

3.3

3.0

Loan repayment

-3.0

-3.1

-3.0

Domestic Financing

-0.4

4.9

5.2