The House of Representatives constituted a committee of whole to pass the draft restatement budget of fiscal year 2023 on July 18, following the submission of the instrument by President George Weah.
“It is my pleasing duty to herewith submit to the 54th Legislature of the Republic of Liberia, a proposed Restatement of the FY2023 National Budget in the total amount of US$ 759 million,” President Weah added.
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 him, this underperformance has 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$672 million has been deemed a risk and untenable,” he added.
The President said to ensure that year-end spending is in line with available resources; adjustments in spending entities’ program allocation balances have been made such that the risk is absorbed by all and sundry.
He added that critical priority allocations for the ensuing elections and the national electricity grid have been ring-fenced.
President George Weah said the revised revenue envelope for the proposed Restated Budget is US$ 759.4 million reflecting a net decrease of US$ 23.5 million or 3.0 percent below the originally approved Budget of US$ 782.9 million.
“The total adjusted recurrent expenditure is estimated at US$612,558,028 or 80.7 percent of the total proposed expenditure. The revised expenditure estimate for public sector investment is US$146,857,790 or 19.3 percent of the total proposed expenditure,” he added.
A motion by Margibi County District 2 Representative, Ivar Jones, on behalf of plenary, constituted a committee of whole as plenary unanimously voted to pass the Restatement Budget.
The total adjusted recurrent expenditure is estimated at US$612,558,028 or 80.7 percent of the total proposed expenditure while the revised expenditure estimate for public sector investment is US$146,857,790 or 19.3 percent of the total proposed expenditure.
