Monrovia, Liberia – The heads of government ministries, agencies, state-owned businesses, and corporations are cautioned to fully implement plans and programs funded from the budget for the benefit of the country and its people. This is in line with the unanimous agreement of the Liberian Senate Plenary and the House of Representatives regarding the passage of the National Budget for Fiscal Year 2024. Public authorities were also cautioned by the senators not to finance or spend money on initiatives that are not part of the federal budget.
Through Minister of Finance and Development Planning Boima Kamara, President Joseph Nyuma Boakai presented a draft budget of US$692,408,827 to the National Legislature for adoption into law in accordance with the Liberian Constitution of 1986.
However, in an extraordinary session on Tuesday, April 30, 2024, the Senators decided to approve the budget in the amount of US$738, 859, 827.00 after receiving a report from their Committee on Ways, Means, Finance, and Budget, headed by Bong County Senator Prince Kermue Moye.
Senator Moye said that the budget scrutiny process includes revenue, expenditure, and a thorough examination of the numbers and presentations made by individuals who attended the budget hearings during a debate on the committee’s report. He said that the joint budget committee had found a new revenue envelope totaling US$46,451,000.00 while doing its due diligence.
According to Senator Moye, the administration has also suggested paying over US$69 million in principle and interest on the present domestic debt. Senator Moye did, however, reminded everyone that the Legislature had already decided to require a review of all public obligations prior to issuing instructions for payment, having taken into account the urgent development needs of the nation.
Accordingly, he revealed, the budget committee decided to modify the principle payment and permit interest on the debt to be paid until the legislative suggested remedies are taken into consideration. Senator Moye stated that as a result, the amount owed on domestic debts is currently US$45,700,000.
