LAHORE – Punjab Finance Minister Mujtaba Shuja-ur-Rehman presented provincial budget for 2024-25 financial year in the provincial legislature.
The PML-N led government is presenting Rs5.4 trillion budget for the upcoming fiscal year after federal government’s budget announcement. During the minister’s budget speech, the opposition was spotted tearing up the budget document amid protest.
Shuja-ur-Rehman highlighted steps taken by the current provincial government, stating, “This will be the first tax-free budget of our administration.”
Punjab Budget 2024-25
- Budget Outlay Rs5,446 billion, with Rs842 billion for development expenditure and surplus of Rs630 billion.
- Rs10 billion has been allocated for housing projects for the underprivileged.
- Punjab to get Rs3,683 billion Under the National Finance Commission (NFC) award
- Rs75 billion allocated for interest-free loans for 500,000 farmers.
- 7,000 tube wells will be converted to solar power across Punjab.
- Chief Minister Green Tractor Program will start with Rs30 billion, enabling farmers to purchase tractors on easy installments.
- Rs9.5 billion allocated for the Chief Minister Roshan Gharana Program.
- The Punjab government announced free solar systems for domestic consumers using up to 100 units of electricity.
- Rs135 billion allocated for road repair and rehabilitation under 482 schemes.
- Punjab to form first Garment City for Rs3 billion to boost foreign exchange.
- Khelta Punjab Initiative, costing Rs7 billion, will provide sports facilities in all provincial constituencies.
- Rs6.5 billion was allocated for maintaining and reconstructing existing sports facilities in Punjab.
- Chief Minister Maryam Nawaz’s Digital Punjab Vision includes laying the foundation for Nawaz Sharif IT City in Lahore.
- The Punjab provincial cabinet approved the largest tax-free surplus budget in the province’s history, totaling Rs5,446 billion.
- The budget will enhance revenue from the province’s own sources without imposing new taxes.
- The revenue target increased from Rs625 billion to Rs960 billion.
- Additional initiatives include a unified department for water supply and irrigation, comprehensive camera coverage for safety, and reallocating funds saved from wheat procurement to support farmers, especially in South Punjab.
More to Follow…
