The House of Representatives- HOR has commenced revision of the draft restatement budget for fiscal year 2023.
The plenary decision Tuesday, 4 July, followed the submission of the instrument by President George Weah.
“It is my pleasing duty to herewith submit to the 54 National Legislature of the Republic of Liberia, a proposed Restatement of the FY2023 National Budget in the total amount of US$ 759.4 (Seven Hundred Fifty-Nine Million Four Hundred Thousand United States Dollars)”, 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$672 million has been deemed a risk and untenable”, he added.
The President said to ensure that year-end spending is in line with available resources, adjustments in spending entities’ program allocation balances have been made such that the risk is absorbed by all and sundry.
He added that critical priority allocations for the ensuing elections and the national electricity grid have been ring-fenced.
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President George Weah said the revised revenue envelope for the proposed Restated Budget is US$ 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.
“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”, he added.
Meanwhile, a motion by Lofa County District 3 Representative, Clarence Massaquoi, on behalf of plenary received the instrument and vowed to consider such upon the distribution of copies to each lawmaker.
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.
