Mark Neywon Mengonfia
Monrovia-April-30-2024-TNR:The House of Representatives has unanimously adopted (Passed) the Draft Budget for Fiscal Year 2024, in the sum of US$738,859,827, for onward actions by the Liberian Senate and President Joseph Nyuma Boakai.
The budget was passed by plenary Monday, April 29, 2024, during the 9th Day Sitting of the Extraordinary Session of the House of Representatives of the 55th Legislature.
The passage of the draft budget comes following a week-long scrutiny by the House’s Committee on Ways, Means Finance, of the draft revenue envelope for FY-2024, and after an increase from US$692,408,827 to US$743,859,827, affecting health, Agriculture, Liberia National Fire Service, National Disaster Management, among others.
The Committee’s report reads, “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 hearing 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.
After all these consultations, the Committee concluded a revenue envelope of US$738,859,827.” It continues, “revenue sources draft revenue for 2024 additional revenue from budget hearing, Legislative action $692,408,827, Ministry of Foreign Affairs $(844,000.00), Liberia Information Services $2,000,000.00, Ministry of Labor US$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.”
The draft budget shows allotments for other institutions, including: 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 surcharge $(10,400,000.00) $46,451,000.00, adjusted revenue for 2024 $738,859,827.00.
It can be recalled that the 55th Legislature Joint Committee on Ways, Means, and Finance on Wednesday commenced a public hearing on the 2024 draft National Budget, on 17 April in the joint Chambers of the Capitol Building. The hearings were presided over by the joint committee chair Rep. Dixon W. Seboeand co-chaired by Sen. Prince Moye.
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 hearing 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.
Comments are closed.