The Speaker of the 55th Legislature, Cllr. J. Fonati Koffa, has issued a warning following the approval of the recast 2024 budget, underscoring the urgent need for substantial reforms in the budgetary process.
In his remarks, Speaker Koffa highlighted that the Legislature is grappling with a complex and flawed budget system that demands immediate attention.
“We are responsible for the people’s money,” he stated, acknowledging the historical challenges the Legislature has faced in managing budgetary issues effectively.
While he expressed support for the recast budget, Koffa urged the Committee on Ways, Means, and Finance to begin preparations for the 2025 National Budget.
He called for a structured approach to the receipt, transmission, and execution of budgets, emphasizing the necessity of accountability from the executive branch.
“The violations noted in the recast budget are unacceptable. Off-budget spending must strictly comply with legal guidelines, and the House cannot grant waivers for such infractions,” he asserted.
Koffa stressed the importance of ensuring that the budget promotes accountability and transparency in financial management.
The Speaker urged the Ways, Means, and Finance Committee to re-examine the Public Financial Management (PFM) Law, asserting that the current framework allows an unelected official, the Finance Minister, to shift funds at his discretion—a power that needs to be limited. “Any passage of the 2025 National Budget must include necessary adjustments and amendments to the PFM Law,” he stated. He reminded his colleagues that, despite their differences, the Legislature must not compromise the nation’s progress.
The Speaker’s remarks reflect the House’s commitment to enhancing oversight and ensuring fiscal responsibility in public fund management.
