Islamabad: The federal government transferred Rs 15 trillion to the four provinces as part of the first seven months of the current fiscal year under the National Finance Commission (NFC) Award.
At a meeting of the National Assembly’s Standing Committee on Finance yesterday (Thursday), the finance ministry provided details of the federal transfer of funds to the provinces. The committee, headed by Faiz-e-Kamuka, sought details from the Ministry of Finance to review the costs of federal and provincial governments in light of the funds transferred under the NFC.
According to Sohail Rajput, Additional Secretary of the Ministry of Finance, the four provinces have been given 15 trillion rupees under the NFC award from July to January, but did not make it clear that the provinces during the same period of the last financial year. How much money was given to
Sohail Rajput states that the volume of distribution during the 7 months was Rs 26 trillion, including the arrears of previous years. Of this, 15 trillion rupees were transferred to the provinces. FBR tax revenue target for the current financial year is Rs 55 trillion.