In a report presented to the honorable Speaker and Deputy , the House’s Committee on Ways, Means Finance unveiled it’s findings on the Draft Budget for Fiscal Year 2024.
The Committee, tasked with scrutinizing the budget, embarked on a comprehensive review of revenue sources, engaging with key agencies and ministries to ensure a thorough assessment.
The Draft Budget initially proposed a revenue envelope of US$692,408,827. However, following extensive consultations and hearings with major revenue-generating entities, the Committee recommended adjustments, resulting in an increased revenue projection of US$738,859,827.
The adjusted revenue summary highlights various additions and adjustments made to the initial budget proposal:
- Ministries and Agencies Contributions:
a. Ministry of Foreign Affairs: -$844,000.00
b. Liberia Information Services:+$2,000,000.00
c. Ministry of Labor: $1,500,000.00
d. Ministry of Mines and Energies:$6,500,000.00
e. Ministry of Transport:+$740,000.00
f. Ministry of Commerce and Industry: $1,350,000.00 - State-Owned Enterprises (SOEs) and Revenue Authorities:
a. Liberia Petroleum Refining Company (LPRC):$1,000,000.00
b. National Port Authority (NPA):+$2,500,000.00
c. National Fisheries and Aquaculture Authority (NAFAA):$1,500,000.00
d. Liberia Petroleum Regulatory Authority (LPRA):$12,800,000.00
e. Road Fund Levy Reversal:$7,000,000.00
f. Maritime Revenue: $2,000,000.00
g. Liberia Telecommunication Authority (LTA): $3,500,000.00
h. Road Fund Levy Arrears: $1,000,000.00
i. Road Fund Levy from LPRC: $6,305,000.00
j. Revenue Double Counting Correction: -$10,400,000.00
These adjustments reflect effort by the Committee to ensure accurate revenue projections for FY 2024. By engaging with stakeholders and carefully examining revenue streams, the Committee aims to support the government in its fiscal planning and resource allocation.
The House’s Committee on Ways, Means Finance reaffirms its commitment to transparency, accountability, and prudent financial management as it continues to oversee the budgetary process for the benefit of the Liberian people.
