Teacher and nursing trainee allowances combined are expected to cost government a projected amount of ¢401.1 million in 2022.
Data from the 2022-2025 budget preparation guideline document pegs total allocation for both teacher and nursing trainee allowances for 2022 at ¢401.1 million.
Of this amount, nursing trainee allowances (¢231.2) for the period represent 57.6 per cent while teacher trainee allowances (¢169.9 million) represent 42.4 per cent of the total projected allocation of ¢401.1 million.
Government in 2022 has projected to spend a total of ¢128.3 billion with a corresponding revenue generation of ¢89.1 billion leaving a budget deficit of almost ¢40 billion.
This means that the budgetary allocation for both teacher and nursing trainee allowances will represent over 0.3 per cent of the projected expenditure in 2022.
Upon further analysis of the data contained in the budget guideline document, government for the second time in a row is projecting to spend more on interest payments than compensation for employees.
The projected amount for interest payments in 2022 is ¢37.1 billion which is three times the amount government intends to spend on capital expenditure.
Also, the projected amount to be spent on interest payments and compensation alone will represent about 91% of what government seeks to raise as revenue in 2022.
The Ministry of Finance's projections simply means that in 2022, interest payments and compensations will slash away more than 53 per cent of what government plans to spend.
Latest Stories
-
Nigeria Workers’ Day: Civil servants get pay rises up to 35%
4 mins -
“I am the Austrian team boss with all my heart,” Rangnick turns down Bayern
22 mins -
Failed asylum seeker given £3,000 to go to Rwanda
24 mins -
Nigerian gasoline prices soar as shortages worsen cost of living crisis
43 mins -
Paris 2024: We will win medal at Olympics if government invests more – GPC President
48 mins -
Akufo-Addo calls for protection of Ghana’s democratic reputation and identity
51 mins -
Apple working to fix alarming iPhone issue
52 mins -
‘You won’t win GPL title without your own stadium’ – Bashir Hayford tells Kotoko, Hearts
55 mins -
Ryan Garcia denies using performance-enhancing drugs after beating Devin Haney
1 hour -
We must change phenomenon of moneyed elections – Raymond Atuguba
1 hour -
Accra Lions punished us for not taking our chances – Hearts of Oak assistant coach Abdul Bashiru
1 hour -
Biosafety Authority welcomes court’s dismissal of application seeking injunction on approval of 14 GMOs
1 hour -
Adaklu-Tevikpo murder suspect arrested from hideout
1 hour -
Asante artefacts return: Reawakening of Asante’s Soul
1 hour -
ECG attributes May 1 dumsor to rainstorm
2 hours