CAPITOL HILL, Monrovia – The Joint Committee on Ways, Means, and Finance of the 55th Legislature has uncovered an additional $51.451,000 in revenue for the fiscal year 2024, bringing the total draft budget to $743.859,000. This discovery was made during the scrutiny of the budget as per Liberia’s Public Financial Law.
The executive had submitted a budget to the tune of US$692,408,827 million.
According to the Committee in its report, the additional revenue is expected to come from various ministries, agencies, commissions (MACs), and state-owned enterprises (SOEs).
For the MACs, the breakdown includes contributions from the Ministry of Foreign Affairs (US$844,000), Liberia Information Services (US$2 million), Ministry of Labor (US$2 million), Ministry of Mines and Energy (US$8 million), Ministry of Transport (US$740,000), Liberia Revenue Authority (US$8 million), Ministry of Commerce and Industry (US$1,350,000).
The executive had submitted a budget to the tune of US$692,408,827 million.
According to the Committee in its report, the additional revenue is expected to come from various ministries, agencies, commissions (MACs), and state-owned enterprises (SOEs).
For the MACs, the breakdown includes contributions from the Ministry of Foreign Affairs (US$844,000), Liberia Information Services (US$2 million), Ministry of Labor (US$2 million), Ministry of Mines and Energy (US$8 million), Ministry of Transport (US$740,000), Liberia Revenue Authority (US$8 million), Ministry of Commerce and Industry (US$1,350,000).
“To enhance revenue mobilization and ensure efficiency in our services sectors, the Committee recommends the passage of the Fiscal Year 2024 National Budget along with its Budget Working Papers, and the Fiscal Measures stated herein, in addition to the Budget Framework paper,” the Committee urged.
Fiscal measures
In a list of recommendations, the Committee said upon the approval of the budget by the President, the Ministry of Finance shall present to the Legislature the final copy within fifteen working days. It called for budgetary appropriation for the Liberia Revenue Authority to be paid immediately upon collection of revenue by the budgetary ratio 5% of revenue collection until its budgetary ceiling is realized in accordance with the act creating the Liberia Revenue Authority.
It further recommends that all social development funds including the Land Rental Fees be transferred directly to the affected county escrowed accounts and swept at real time. It called for a revenue sharing of 50% – 50% between the Central Government and the counties (Cities, Township, Borough) for all excess budgetary revenue collected from Real Property taxes.
The Committee also recommended that the Ministry of Labor and the Liberia Immigration Services retain 5% of revenue generated for the enhancement of digitals tracking and service systems to cover cost of enforcement and ensure efficiency in their services.
