President Joseph N. Boakai has forwarded the Draft Recast Budget for Fiscal Year 2024, totaling $738.8 million, to the Legislature.
The submission done by the Ministry of Finance and Development Planning was made on August 16, and presented by Acting Finance Minister Anthony Myers, who noted that the revision is necessitated by a review of the budget’s performance in the first half of the year.
The aim is to recalibrate the budget to better align with revenue realities while safeguarding critical national expenditures.
In a communication from President Boakai to House Speaker Cllr. J. Fonati Koffa, it was stated that the proposed budget envelope for FY2024 is anchored on a risk-adjusted portfolio amounting to $721.5 million.
An additional $17.3 million is expected to be generated through several revenue-enhancing measures, including the increment of the Goods and Services Tax (GST) on certain items with minimal social impact, an increase in non-concessional mineral royalties, the issuance of an executive order imposing surcharges on imports competing with domestic production, and the sale of debt instruments.
The recast budget proposes an expenditure breakdown where $672.3 million, approximately 91%, is allocated to recurrent spending, while $66.6 million, or 9%, is designated for the Public Sector Investment Plan (PSIP).
Key recurrent expenditures include debt servicing obligations to commercial banks for construction projects and interest on debt instruments, as well as payments to multilateral institutions to unlock funding for medium-term development goals.
Additional recurrent expenses cover employee compensation, operational goods and services for government entities, and subsidies, grants, and transfers to both governmental and non-governmental organizations in the health, education, and social services sectors.
Upon receiving the Draft Recast Budget, Speaker Koffa instructed the Ministry of Finance and Development Planning to provide all necessary supporting documents to facilitate a thorough review by the House’s Ways, Means, and Finance Committee.
Koffa also announced the formation of a special investigative committee to probe allegations of budget manipulation.
This committee is chaired by Bong County Electoral District 4 Representative Robert F. Womba and co-chaired by Montserrado County Electoral District 7 Representative Emmanuel Dahn.
Other members include Hon. Thomas Romeo Quioh, Hon. Sekou Kanneh, and Hon. Sumo Mulbah.
Speaker Koffa reiterated the Legislature’s commitment to combating corruption and upholding the highest standards of transparency and accountability in government. He emphasized the need for vigilant oversight to ensure the proper use of public funds.
The FY2024 budget, originally approved by the Legislature in April, amounted to $738,859,827—representing a 6.7% increase from the initial $692 million proposal submitted by the Executive through the Ministry of Finance and Development Planning.
This increase followed rigorous budget hearings where the Joint Committee on Ways, Means, Finance, and Public Accounts identified an additional $46,451,000 in projected revenue.
In his remarks following the passage of the budget, Speaker Koffa praised the Joint Committee for their diligent work and urged continuous monitoring of the budget’s expenditure by the Public Accounts Committee and the Legislative Budget Office (LBO) to ensure transparency and accountability.
The Joint Committee reported an additional $51,451,000 in revenue but clarified that the actual discovered revenue amounted to $46,451,000. The passage of the budget was contingent upon concurrence from the Liberian Senate, which unanimously approved the FY2024 National Budget during the final sitting of a special session.
Senator Prince K. Moye, Chairperson of the Senate Committee on Ways, Means, Finance, and Budget, disclosed that adjustments were made to domestic debt obligations, resulting in a net fiscal space of $96,101,000.
According to Senator Moye, this space was allocated to several priority areas, including $15.5 million for Social Development, $12.3 million for Security and Rule of Law, $8.9 million for Infrastructure and Basic Services, $7.4 million for Municipal Government, $7.1 million for Energy and Environment, $3.4 million for Agriculture, $3.3 million for Education, $1.7 million for Transparency and Accountability, and $1.6 million for Industry and Commerce. Additionally, $4 million was earmarked for the rehabilitation of disadvantaged youth.
As the Legislature embarks on the review of the recast budget, the focus remains on ensuring that the fiscal allocations are aligned with national priorities and that the process is conducted with utmost integrity.
