House Passes Draft Restatement Budget in Tone of US$769M
The House of Representatives on Tuesday, July 18, 2023, constituted a committee of a whole to pass the draft restatement budget for fiscal year 2023 in the tone of US$769M.
The House passed the recast at 13.5 which will eventually result in 769.4M.
The decision followed the submission of the instrument by President George Weah. The Liberian Leader said the confluence of reduction in the volume of trade, expiration of surcharge on petroleum, reduction of tariff on excise on petroleum and a six-month-running slump in global market prices of export commodities in the mining sector has engendered revenue underperformance in both tax and non-tax categories since the beginning of the current fiscal year.
According to Pres. Weah, the underperformance posed a challenge for executing the budget in the first two quarters of FY2023 and prompted early reprioritization and program deferrals in some instances.
“It is against the foregoing that realization of the aggregate amount of US$23.5 million or 3.5 percent of the total projected Domestic revenue of US$672 million has been deemed a risk and untenable”, Pres. Weah said.
The President said to ensure that year-end spending is in line with available resources, adjustments in spending entities’ program allocation balances have been made such that the risk is absorbed by all and sundry.
He added that critical priority allocations for the ensuing elections and the national electricity grid have been ring-fenced. President George Weah said the revised revenue envelope for the proposed Restated Budget is US$ 759.4 (Seven Hundred Fifty-Nine Million Four Hundred Thousand US Dollars), reflecting a net decrease of US$ 23.5 million or 3.0 percent below the originally approved Budget of US$ 782.9 Million.
A motion by Margibi County District 2 Representative, Ivar Jones on behalf of the plenary constituted a committee of the whole as the plenary unanimously voted to pass the Restatement Budget.
The total adjusted recurrent expenditure is estimated at US$612,558,028 (Six Hundred & Twelve Million Five Hundred and Fifty-Eight Thousand Twenty-Eight United States Dollars) or 80.7 percent of the total proposed expenditure.
The revised expenditure estimate for public sector investment is US$146,857,790 (One Hundred & Forty-Six Million Eight Hundred Fifty-Seven Thousand, Seven Hundred and Ninety United States Dollars) or 19.3 percent of the total proposed expenditure.
The House passed the recast budget at 769.4M and has since forwarded it to the Liberian Senate for concurrence.