Budget 101: Clueless about NIRC, special transfers, fiscal deficit and surplus? We explain the Budget jargon

SINGAPORE — The annual Budget statement will be delivered by Finance Minister Lawrence Wong in Parliament on Friday (Feb 18).

This is the Government’s proposal on the sum of money it expects to receive and how it intends to raise revenue and spend the money.

The Budget is usually considered in February and March each year, and marks the beginning of debates in Parliament on the Budget statement.

To help Singaporeans better understand the country's budgetary process and the issues at hand, TODAY is running a series of articles to explain basic concepts, terms and essential background information in the lead-up to Budget Day 2022.

So, for those who may not be familiar with Budget jargon, here is a rundown of terms that may come up and what they mean: