The Legislative Budget Office (LBO) of the 55th Legislature has unveiled the calendar of events for the Fiscal Year 2024 Draft National Budget Hearings, with a primary focus on the revenue component of the budget.
The budget hearing is set to commence on Monday, April 8, 2024, at 9:00 AM. The Ministry of Finance and Development Planning, Board of Tax Appeals, Liberia Revenue Authority (LRA), National Port Authority, and the Ministry of Mines & Energy will be the first to take the stand before the joint Legislative Committee on Ways, Means, and Finance. The honorable Joint Committee Chair, Hon. Dixon Wlawlee. Seboe, will preside over the proceedings.
Day two of the hearings is scheduled for Tuesday, April 9, 2024, and will feature presentations from six key agencies: the Liberia Maritime Authority, Liberia Telecommunication Authority (LTA), National Fisheries and Aquaculture Authority (NAFAA), Forestry Development Authority (FDA), and the Ministry of Transport.
On Wednesday, April 10, 2024, the spotlight will be on another batch of government agencies.
The Ministry of Commerce & Industry/Liberia Business Registry, Ministry of Foreign Affairs, Ministry of Justice, Liberia Immigration Services (LIS), Liberia National Police, Liberia Petroleum Refining Corporation (LPRC), Liberia Petroleum Regulatory Authority, and the National Road Fund are among those expected to appear.
Day four will witness presentations from the Ministry of Public Works (MPW), Ministry of Internal Affairs (MIA), and the Ministry of Post & Telecommunications (MPT).
The Houseโs Press and Public Affairs release, quoting the LBO, underscored that all presentations will be led by heads of institutions. Additionally, team and sector head ministries will remain present to facilitate presentations by sector members.
It can be recalled that last Tuesday, 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 is 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.
โ๐ฐ๐ ๐๐๐ ๐๐ ๐๐ ๐๐๐๐๐๐ ๐๐๐ ๐ ๐๐๐ ๐๐๐๐๐๐๐๐๐ ๐๐๐๐๐ ๐๐๐๐๐ ๐ ๐๐๐๐๐๐๐๐ ๐๐๐ ๐๐ ๐๐๐๐๐๐๐๐ ๐๐๐๐๐๐๐๐๐๐ ๐๐๐ ๐ฎ๐๐๐๐๐๐๐๐๐ ๐๐๐๐ ๐๐๐๐ ๐๐ ๐๐ ๐๐๐๐๐๐๐๐ ๐๐๐๐๐๐ ๐๐๐๐๐๐๐๐๐ ๐๐๐ ๐ ๐๐๐๐๐๐๐๐๐ ๐๐๐๐ ๐๐๐๐๐๐๐ ๐๐ ๐๐๐๐๐๐๐๐๐ ๐๐๐ ๐ ๐๐๐๐ ๐ป๐๐๐ ๐ ๐๐๐๐๐๐๐ ๐๐๐๐ ๐๐ ๐๐๐๐๐๐๐๐ ๐๐๐๐๐๐๐๐๐ ๐๐ ๐ป๐๐ ๐น๐๐๐๐๐๐ ๐๐ ๐ผ๐บ ๐๐๐๐๐๐๐ ๐๐ ๐๐๐ ๐ต๐๐๐ป๐๐ ๐น๐๐๐๐๐๐ ๐๐ ๐ผ๐บ ๐๐๐๐๐๐๐ ๐๐โ Pres. Boakai alerted.
The instrument says the proposed expenditure for FY2024 is shared between recurrent expenditure of $640.5 million or 93 percent and public sector investment projects (PSIP) is US$51.9 million or 7 percent.
Among the key recurrent expenditures are debt services to commercial banks arising from constructure projects and to multilateral institutions in order to unlock support to medium-term development priorities. Other recurrent expenditures are compensation of employees, operational goods and services for government entities and subsidies, grants and transfers to governmental and non- governmental institutions in the health and education and social service sectors.
The Liberian Leader informed the Honorable Speaker and Members of the Legislature that the successful execution of this budget in a credible fashion will require that government takes certain deliberate actions collectively beginning with fiscal discipline as the guiding principle for budget execution.
“Secondly, heads of spending entities must exercise their fiduciary responsibility to ensure the highest degree of fiscal probity and accountability as the Budget Holders. We must be reminded about the requirements of the PFM Law that spending entities make periodic reports to facilitate routine audits. Adherence to these requirements has been the missing link in our budget execution and must be restored. I urge heads of spending entities to lend their fullest cooperation as we endeavor to depart from business as usual to pursue a path of transparency and accountability in public financial management”, the President added.
Meanwhile, the committee is expected to report within a period of two weeks.
