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House sets committee to pass draft restatement budget

The House of Representatives has constituted a committee of whole to pass the draft restatement budget for fiscal year 2023.

Plenary took the decision Tuesday, 18 July 2023 following the submission of the instrument by President George Manneh 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,” President Weah said.

He 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.

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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.

President Weah 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 noted that critical priority allocations for the ensuing elections and the national electricity grid have been ring-fenced.

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President Weah said the revised revenue envelope for the proposed Restated Budget is US$759.4, reflecting a net decrease of US$ 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.”

According to President Weah, the revised expenditure estimate for public sector investment is US$146,857,790, or 19.3 percent of the total proposed expenditure.

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.

He said 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 (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.

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