After weeks of thorough examination and deliberation, the Liberian Senate has given its official endorsement to the 2024 national budget proposed by President Joseph Boakai.
This monumental decision comes after a series of both public and closed-door hearings, where the intricacies and implications of the budget were meticulously scrutinized.
The approved budget, amounting to a staggering $748,859,827, marks a significant increase of $46,451,000 from the initial proposals put forth by President Boakai to the Legislature on March 28, 2024.
This increase underscores the Senate’s commitment to adequately address the nation’s evolving needs and challenges.
One of the key highlights of the Senate’s endorsement is the unanimous approval of the budget, reflecting a unified stance on the nation’s financial trajectory.
Notably, the Senate along with the House of Representatives also took proactive measures to streamline allocations within public administration, resulting in a $19 million reduction, which includes adjustments within the Legislature itself.
Delving deeper into the specifics, the budget allocates funds across various critical sectors, with detailed financial figures which include Municipal Government: $7.4 million, Transparency & Accountability: $1.7 million, Security & Rule of Law: $12.3 million, Health: $4.4 million, Education: $3.3 million, Social Development: $15.5 million, Energy & Environment: $7.1 million, Agriculture: $3.4 million.
Other sectors include Infrastructure & Basic Services: $8.9 million, Ministry of Industry & Commerce: $1.6 million.
Integral to the budgetary framework is a commitment to transparency and accountability in financial management.
The Legislature has placed emphasis on ensuring that budget execution remains transparent and unauthorized spending outside of the approved budget is discouraged.
This commitment is reinforced by the official fiscal outturn for FY2023, as published by the former Comptroller General of the Republic of Liberia.Moreover, the Senate believes that the final budget law reflects contingent revenues and expenditures, underscoring the importance of prudent fiscal management in navigating Liberia’s economic landscape.
To this end, the Minister of Finance is tasked with submitting reconciled first-quarter balances of the Consolidated Account in alignment with the Revenue Code.
In pursuit of standardization and equity, the management of the Deficit Pool Fund is entrusted to the Minister of Finance and the Director-General of the CSA, with transparency being a guiding principle.
Additionally, the budget law stipulates that the management of County Funds adheres to banking regulations and undergoes financial audits as prescribed by law.
The Small Business Law Act is another crucial component of the budgetary framework, reserving 25% of Goods and Services for Liberian-owned businesses.
This provision aims to promote fair competition and economic empowerment, coupled with a quarterly reporting mandate to ensure accountability.
Furthermore, the budget law explicitly prohibits the expenditure of funds on any programs, projects, or items not included in the approved appropriations without Legislative approval, reinforcing the government’s commitment to fiscal discipline and oversight.
President Joseph Boakai’s decision not to propose domestic and external borrowing within the budget signifies a prudent approach to financial management.
Any future proposals for borrowing will require Legislative approval, contingent on revenue performance and economic indicators.
In the interim, the Government of Liberia (GOL) will refrain from contracting new domestic debts, focusing instead on servicing existing debts, both domestic and external.
This strategic approach aims to provide President Boakai with ample resources and spending authority to fulfill his Administration’s objectives.
The Liberian Senate expresses its optimism that President Boakai will uphold the promises made to the electorate and faithfully implement the budget for the betterment of Liberia and its citizens.
As the nation embarks on this fiscal journey, all eyes remain on the implementation process, with ensuring accountability and transparency every step of the way.
