By Jerromie S. Walters
The House of Representatives (HoR) has unanimously adopted (Passed) the Draft Budget for Fiscal Year 2024, in the sum of US$738,859,827, for onward actions by the Liberian Senate and the president.
The budget was passed by plenary Monday, April 29, 2024, during the 9th Day Sitting of the Extraordinary Session of the House of Representatives of the 55th Legislature up Capitol Hill.
This comes following a week-long scrutiny by the House’s Committee on Ways, Means Finance, of the draft revenue envelope for FY-2024, and after an increase from US$692,408,827 to US$743,859,827, affecting health, Agriculture, Liberia National Fire Service, National Disaster Management, among others.
The Committee’s report reads: “The House’s Committee on Ways, Means Finance, as per the mandate of Plenary, conducted a vigorous and thorough scrutiny of the Draft Budget for Fiscal Year 2024 beginning with the Revenue Envelope. The Committee conducted hearing with all major revenue generating agencies including State Owned Enterprises (SOE’s) to include, Liberia Telecommunication Authority, Liberia Maritime Authority, National Port Authority, Liberia Petroleum Refining Company, and other revenue generating Ministries, Agencies and Commissions. The draft revenue envelope for FY-2024was submittedat US$692,408,827 Hence, after all these
consultations, the Committeeconcluded a revenue envelope of US$738,859,827.”
It continues, “REVENUE SOURCES DRAFT REVENUE FOR 2024 ADDITIONAL REVENUE FROM BUDGET HEARING, LEGISLATIVE ACTION $692,408,827, MINISTRY OF FOREIGN AFFAIRS $(844,000.00), LIBERIA INFORMATION SERVICES $2,000,000.00, MINISTRY OF LABOR
$1,500,000.00, MINISTRY OF MINES AND ENERGIES $6,500,000.00, MINISTRY OF TRANSPORT $740,000.00, ADDITIONAL TARGETS FOR LIBERIA REVENUE AUTHORITY $8,000,000.00, MINISTRY OF COMMERCE AND INDUSTRY $1,350,000.00.”
The draft budget shows allotments for other institutions, including: LPRC … $1,000,000.00
NPA …..$2,500,000.00, NAFAA …$1,500,000.00, LPRA (Direct Negotiation)..$12,800,000.00, ROAD FUND LEVY REVERSAL $7,000,000.00, MARITIME REVENUE $2,000,000.00, LTA $3,500,000.00, ROAD FUND LEVY ARREARS $1,000,000.00, ROAD FUND LEVY OF 5-CENT FROM LPRC
$6,305,000.00, REVENUE DOUBLE COUNTING ON SUR-CHARGE $(10,400,000.00) $46,451,000.00, ADJUSTED REVENUE FOR 2024 $738,859,827.00.
It can be referenced that the 55th Legislature Joint Committee on Ways, Means, and Finance on Wednesday commenced a public hearing on the 2024 draft National Budget, on 17 April in the joint Chambers of the Capitol Building. The hearings were presided over by the joint committee chair Rep. Dixon W. Seboe and co-chaired by Sen. Prince Moye.
The public hearing began with various ministries, corporations, and agencies of government appearing to defend their respective budgetary allotments. The Expenditure Hearing followed a week-long Revenue Component which was held behind closed doors.
Early April, the House of Representatives- HOR, mandated its Ways, Means and Finance Committee to begin hearings into Fiscal Year 2024 Draft National budget. The proposed resource envelope for the FY2024 budget was projected at US$692.4million, of which Tax Revenue accounts for US$540.2 million or 78 percent and Non-tax Revenue of US$109.8 million or 16 percent.
Externally sourced revenue is projected at US$42.4 million or 6 percent of the revenue estimate Compared to the FY2023 budget outturn of US$793.3 million, the FY2024 budget represents a decrease of 12.7 percent.
According to a communication from President Joseph Boakai to the House of Representatives, the fall is mainly attributed to a decrease of US$144.6 million in external financing.
“𝑰𝒏 𝒐𝒓𝒅𝒆𝒓 𝒕𝒐 𝒎𝒂𝒏𝒂𝒈𝒆 𝒕𝒉𝒆 𝒅𝒆𝒃𝒕 𝒑𝒐𝒓𝒕𝒇𝒐𝒍𝒊𝒐 𝒘𝒉𝒊𝒄𝒉 𝒄𝒓𝒐𝒘𝒅𝒔𝒐𝒖𝒕 𝒔𝒑𝒆𝒏𝒅𝒊𝒏𝒈 𝒐𝒏 𝒄𝒓𝒊𝒕𝒊𝒄𝒂𝒍 𝒑𝒓𝒊𝒐𝒓𝒊𝒕𝒊𝒆𝒔 𝒐𝒖𝒓 𝑮𝒐𝒗𝒆𝒓𝒏𝒎𝒆𝒏𝒕 𝒉𝒂𝒔𝒅𝒆𝒄𝒊𝒅𝒆𝒅 𝒕𝒐 𝒆𝒙𝒆𝒓𝒄𝒊𝒔𝒆 𝒇𝒊𝒔𝒄𝒂𝒍 𝒓𝒆𝒔𝒕𝒓𝒂𝒊𝒏𝒕 𝒂𝒏𝒅 𝒅𝒊𝒔𝒄𝒊𝒑𝒍𝒊𝒏𝒆𝒘𝒉𝒆𝒏 𝒊𝒕 𝒄𝒐𝒎𝒆𝒔 𝒕𝒐 𝒂𝒄𝒒𝒖𝒊𝒓𝒊𝒏𝒈 𝒏𝒆𝒘 𝒅𝒆𝒃𝒕𝒔 𝑻𝒉𝒊𝒔 𝒅𝒆𝒄𝒓𝒆𝒂𝒔𝒆𝒘𝒊𝒍𝒍 𝒃𝒆 𝒐𝒇𝒇𝒔𝒆𝒕 𝒃𝒚 𝒊𝒏𝒄𝒓𝒆𝒂𝒔𝒆𝒔 𝒊𝒏 𝑻𝒂𝒙 𝑹𝒆𝒗𝒆𝒏𝒖𝒆 𝒐𝒇 𝑼𝑺𝒎𝒊𝒍𝒍𝒊𝒐𝒏 𝒐𝒓 𝒂𝒏𝒅 𝑵𝒐𝒏𝑻𝒂𝒙 𝑹𝒆𝒗𝒆𝒏𝒖𝒆 𝒐𝒇 𝑼𝑺 𝒎𝒊𝒍𝒍𝒊𝒐𝒏 𝒐𝒓” Pres. Boakai alerted.
On March 14, 2024, House of Representatives received the draft national budget for 2024 totaling USD $692 million from the Ministry of Finance. The submission, led by Finance Minister Boimah Kamara and his three Deputies. In a formal handover ceremony, Deputy Speaker Thomas Fallah received the budget on behalf of the House.
