Budget for new fiscal year presented before House

KATHMNDU: Budget for the upcoming fiscal year 2080-081 BS (2023-24) has been presented before the Federal Parliament.

Finance Minister Dr Prakash Sharan Mahat presented the annual estimates of the government’s revenue and expenditure for the upcoming fiscal year before a joint session of the Federal Parliament.

Prior to that, a meeting of the Council of Ministers endorsed the budget details, granting permission for its presentation in the House.

On the commencement of the House session, Speaker Devraj Ghimire invited the Finance Minister for making the budget statement in the parliament.

The Constitution states that Finance Minister shall lay before the Federal Parliament an estimate of revenues and expenditures under clause (1) on the 15th day of Jeth (mid- May) each year.

In Nepal’s history, the first budget speech was held on February 4, 1952 following the restoration of democracy. It was announced by the then Finance Minister Subarna Shumser Rana and its size was equivalent to Rs 52.5 million. RSS