The Senate’s Statutory Committee on Ways, Means, Finance, and Budget has successfully concluded its hearing on the revenue component of the draft 2025 National Budget to ensure its implementation begins as planned on January 1, 2025.
Following the close of the revenue hearing on Saturday, Committee Chairman Senator Prince Moye of Bong County expressed confidence in the draft budget, which the Ministry of Finance and Development Planning prepared. He noted that the budget is well-structured and addresses the primary needs of the Liberian people.
The traditionally closed-door hearing was opened to the public to increase transparency, following a directive from Senate President Pro-Tempore Nyonblee Karnga Lawrence. This move marked a significant step toward greater openness in the budget process.
“The 2025 draft budget, which totals over USD 851 million, has been carefully analyzed, particularly regarding domestic revenue and international contributions,” Senator Moye said. “We are optimistic that the budget will proceed smoothly, with a solid financial framework in place.”
With the revenue hearings now concluded, the committee has adjourned for further discussions and assessments. Senator Moye indicated that additional revenue sources may be discovered, which could push the national budget to exceed USD 900 million.
In response to a question about the National Port Authority (NPA) and the National Fisheries and Aquaculture Authority (NFAA) failing to meet their proposed contributions, Moye stated that the Liberia Revenue Authority (LRA) would conduct further assessments and report back to the committee.
Looking forward, the Senate’s Ways, Means, Finance, and Budget Committee will begin hearings on the expenditure component of the budget on Monday. Chairman Moye emphasized the committee’s commitment to ensuring the timely passage of the budget, aiming for its approval before the start of the New Year.
“The goal is to ensure that the budget is passed and ready for execution by January 2025,” Moye concluded.
