House Unanimously Passes National Budget

Capitol Hill: Sixty members of the House of Representatives have voted for the passage of the National Budget for 2024.

The 2024 national budget is in the tone of US$738,859,827.

REPORT OF THE HOUSE'S COMMITTEE ON WAYS, MEANS FINANCE, ON THE DRAFT BUDGET FOR FISCAL YEAR 2024

Honorable Speaker, Deputy Speaker, distinguished Colleagues,

Greetings:

The House's Committee on Ways, Means Finance, as per the mandate of Plenary, conducted a vigorous and thorough scrutiny of the Draft Budget for Fiscal Year 2024 beginning with the

Revenue Envelope. 

The Committee conducted hearings with all major revenue generating agencies including State Owned Enterprises (SOE's) to include, Liberia Telecommunication

Authority, Liberia Maritime Authority, National Port Authority, Liberia Petroleum Refining Company, and other revenue generating Ministries, Agencies and Commissions. 

The draft revenue envelope for FY-2024was submitted at US$692,408,827 Hence, after all these consultations, the Committee concluded a revenue envelope of US$738,859,827as follows.

ADJUSTED REVENUE SUMMARY

REVENUE SOURCES DRAFT REVENUE FOR 2024 ADDITIONAL REVENUE FROM BUDGET HEARING

 MACS

LEGISLATIVE ACTION

$US: 692,408,827

MINISTRY OF FOREIGN AFFAIRS

$(844,000.00)

LIBERIA INFORMATION SERVICES

$2,000,000.00

MINISTRY OF LABOR

$1,500,000.00

MINISTRY OF MINES AND ENERGIES

$6,500,000.00

MINISTRY OF TRANSPORT

$740,000.00

ADDITIONAL TARGETS FOR LIBERIA REVENUE AUTHORITY $8,000,000.00

MINISTRY OF COMMERCE AND INDUSTRY

$1,350,000.00

LPRC ... $1,000,000.00

NPA .....$2,500,000.00

NAFAA ...$1,500,000.00

LPRA (Direct Negotiation)..$12,800,000.00

ROAD FUND LEVY REVERSAL $7,000,000.00

MARITIME REVENUE $2,000,000.00

LTA $3,500,000.00

ROAD FUND LEVY ARREARS $1,000,000.00

ROAD FUND LEVY OF 5-CENT FROM LPRC

$6,305,000.00

REVENUE DOUBLE COUNTING ON SUR-CHARGE $(10,400,000.00)

$46,451,000.00

ADJUSTED REVENUE FOR 2024

$738,859,827.00