In a significant step toward the fiscal management of the nation’s resources, President Joseph Nyuma Boakai, on Monday, November 18, 2024, presented the Draft National Budget for Fiscal Year 2025 to the National Legislature.
The proposed budget, amounting to US$851.8 million, was formally submitted to the House of Representatives through the Chief Clerk, marking the beginning of the legislative review process.
The 2025 budget is designed to address key priorities under the ARREST Agenda for Inclusive Development (AAID), while also providing for critical debt service and other government obligations.
It represents a 15.3% increase over the 2024 Recast Budget of US$738.9 million, signaling the administration’s commitment to economic growth and stability despite ongoing global challenges.
The budget is divided into two major components: Core Revenue of US$833 million and Contingent Revenue of US$18.8 million.
These funds are aimed at sustaining and expanding government services, infrastructure development, and other national priorities that fall under the ARREST Agenda framework.
In his address, President Boakai urged members of the National Legislature to give timely and thorough consideration to the budget to ensure its approval before the start of the new fiscal year in January 2025.
The President, in a communication emphasized the importance of efficient budget execution in promoting national development and improving the livelihoods of Liberians across the country.
“This budget is a roadmap for our future,” he stated.
The Liberian leader highlighted that the budget reflects his government commitment to building a more inclusive economy, creating jobs, improving infrastructure, and addressing the critical needs of Liberians.
“It reflects our commitment to building a more inclusive economy, creating jobs, improving infrastructure, and addressing the critical needs of our citizens,” he added.
The presentation of the draft national budget is in accordance with Section 17.1 of the 2019 Amendment and Restatement of the Public Financial Management Act 2009, which requires the government to submit the proposed budget to the legislature for review and approval.
Meanwhile, the Minister of Finance and Development Planning, Augustine Kpehe Ngafuan, is expected to appear at the Ministry of Information regular press briefing on Tuesday, November 19, 2024, to provide clarity on the draft national budget.
As the legislative review process begins, the public will be watching closely to see how lawmakers debate and approve the budget, with hopes that it will lay the foundation for continued growth and development in the country throughout the year ahead.
