The Senate has finalized deliberations on the revenue framework of the Draft 2025 National Budget, setting a projected revenue target of $851 million. However, State-Owned Enterprises (SOEs) are under fire for failing to meet their 2024 budgetary contribution of $6.5 million, delivering only $3 million and leaving a $3.5 million shortfall.
Senator Prince Moye, Chair of the Senate Committee on Ways, Means, and Finance, described the SOEs’ underperformance as a severe blow to national revenue generation, emphasizing its far-reaching consequences for critical sectors reliant on government funding. Representing Bong County, Senator Moye underscored the urgency of addressing inefficiencies and accountability issues within SOEs to prevent future shortfalls.
The Senate recently concluded revenue hearings as part of its Draft 2025 National Budget analysis, following three days of rigorous evaluation. Senator Moye expressed cautious optimism that the government can achieve the $851 million target through enhanced revenue enforcement and stricter accountability measures. The committee’s recommendations will soon be presented to the Senate Plenary for approval, pending concurrence from the House of Representatives.
Among the most criticized entities is the National Fisheries and Aquaculture Authority (NaFAA), which has consistently failed to meet its financial obligations to the national budget. Senator Moye called on the Liberia Revenue Authority (LRA) Commissioner General to investigate NaFAA’s operational inefficiencies and report back to the Senate.
“The committee will no longer tolerate SOEs like NaFAA failing to deliver tangible results. Their existence must translate into meaningful contributions to the national budget,” Moye declared.
The Senate also expressed concern over SOEs declaring zero balances at the end of fiscal years, calling for surplus revenue to be redirected to the national budget. “As public corporations, SOEs have a duty to contribute to the nation’s upkeep. Declaring zero balances year after year is unacceptable,” Moye asserted.
The Senate Committee is exploring alternative revenue sources to close budgetary gaps. Efforts to recover taxpayer funds held by vendors are expected to generate an additional $12 million. “We are ensuring that vendors holding taxpayer money remit it to the government. Once these assessments are finalized, we anticipate raising the budget target from $851 million to approximately $900 million,” Moye explained.
The committee is also reassessing the contribution expectations for SOEs in the 2025 budget, setting a preliminary target of $5 million while emphasizing the importance of preventing recurring shortfalls.
Senator Moye highlighted the need for SOEs to implement critical reforms, reduce inflated expenditures, and prioritize efficiency. He noted that inflated payrolls and mismanagement have plagued these entities, undermining their potential to contribute meaningfully to national development.
Despite these challenges, Moye expressed confidence in the government’s ability to meet revenue targets through robust tax enforcement and financial oversight. “With stricter financial discipline and accountability, we can achieve sustainable revenue generation and ensure the success of the 2025 National Budget,” he stated.
