CAPITOL HILL, MONROVIA – The House of Representatives’ Ways, Means, and Finance Committee has concluded a series of intensive hearings examining the revenue component of the Draft National Budget for Fiscal Year 2026, uncovering significant data gaps, institutional weaknesses, and overly ambitious targets that lawmakers say could threaten the realism of the country’s fiscal plan. Chaired by Representative P. Mike Jurry, the hearings brought together the Ministry of Finance and Development Planning (MFDP), the Liberia Revenue Authority (LRA), major State-Owned Enterprises (SOEs), and several revenue-generating administrative agencies.
The Draft FY2026 Budget proposes a record revenue forecast of US$1.2 billion, a dramatic 36 percent increase from the approved FY2025 envelope of US$880.6 million. Domestic revenue is projected to account for US$1.11 billion of the target, while external sources are expected to provide US$72 million. Yet, as of November 17, 2025, the government had collected only US$719 million for FY2025, leaving a US$160 million shortfall with just weeks remaining in the fiscal year. Committee members stressed that such underperformance raises serious questions about the feasibility of a sharp revenue jump in the upcoming year.
During the hearings, the MFDP and the LRA presented a package of legislative measures aimed at boosting efficiency and tightening compliance, including the Tax Amendment Act and the Tax Expenditure Management Act. They also recommended that revenue streams from underperforming SOEs be transferred to the LRA for direct collection. The agencies projected US$10 million for the Assets Recovery Fund but conceded that legal and enforcement obstacles could hinder its reliability. Lawmakers expressed concern that the projected recovery figure was not supported by a clear operational strategy.
The Liberia Petroleum Refining Company (LPRC) was one of the institutions that faced tough scrutiny. The company’s reporting showed major inconsistencies, including an FY2025 assessment of US$5 million compared to remittances reported at US$799,139. Despite these gaps, LPRC proposed an increased assessment of US$11.2 million for FY2026. The Committee ordered the entity to submit missing financial statements, levy statistics, and other supporting documentation by November 28, 2025, before any projection could be considered credible.
The Liberia Maritime Authority (LiMA) fared better, with its nearly completed FY2025 performance of US$14 million earning lawmakers’ cautious approval. However, tensions surfaced as MFDP and the LRA pushed for a US$20 million projection in FY2026. The Committee rejected the proposed increase, citing global shipping uncertainties and urging a conservative approach to avoid overestimations that could destabilize the budget.
The National Port Authority (NPA) failed to submit its complete financial documentation, prompting lawmakers to demand a full resubmission, including audited financial statements for FY2024 and FY2025. Several other SOEs and administrative agencies also submitted incomplete reports and were required to return for additional hearings. Committee members criticized the trend, warning that poor reporting practices undermine fiscal transparency and weaken the Legislature’s ability to make informed decisions.
Lawmakers’ policy analysis revealed deeper institutional problems affecting revenue mobilization. They cited weak enforcement by the Ministry of Justice, noting that the LRA’s legal authority to view and garnish accounts of noncompliant SOEs was not being fully supported. Without urgent reforms, improved compliance mechanisms, and stronger SOE restructuring, the Committee warned that the US$1.2 billion target risks becoming unattainable. They recommended swift passage of pending tax legislation, transfer of SOE revenue collection to the LRA where necessary, and the establishment of measurable compliance benchmarks.
Committee members also emphasized that disparities in SOE reporting threaten public confidence in the budget process. They called for mandatory audits, standardized revenue classifications, and clear penalties for late or inaccurate submissions. Volatile sectors such as ports, petroleum, and maritime services, they argued, require risk-adjusted forecasting to avoid overestimation. The Committee suggested that SOEs and administrative agencies prepare sensitivity analyses to align budget expectations with sector realities.
Institutional coordination emerged as another major concern, with the MFDP and the LRA advocating higher revenue targets while the Committee adopted a more cautious stance. Lawmakers recommended establishing a Revenue Coordination Taskforce and holding quarterly joint reviews to ensure that policy direction is consistent and that revenue goals are supported by operational capacity. Without stronger collaboration, the Committee warned that revenue mobilization efforts will remain fragmented and inefficient.
The hearings also revealed surprising revenue potential in institutions such as the Liberia National Lottery Authority and the Liberia Immigration Service. Lawmakers noted that both entities demonstrated the capacity to contribute more than their current assessments, signaling opportunities for increased revenue if proper oversight and administrative reforms are applied. Meanwhile, assessments for the Liberia National Road Fund, NAFAA, LTA, and LiMA were described as overly ambitious and in need of recalibration to reflect historical performance and current sector limitations.
Legislators further noted that pending ratification of agreements involving Total Energy, Oranto, and INANHOE could unlock additional revenue streams not yet accounted for in the Draft FY2026 Budget. They stressed the need for timely legislative action to ensure that these new streams are incorporated once the agreements are finalized. Strengthening the legal and operational framework for the Asset Recovery program was also flagged as a priority, with lawmakers calling for enforcement-based reforms to ensure the US$10 million projection is not purely speculative.
In their concluding remarks, members of the Ways, Means, and Finance Committee underscored that while the revenue target for FY2026 is ambitious, it is not impossible, provided that structural reforms are enacted and oversight is significantly strengthened. They warned, however, that without conservative forecasting, stricter SOE accountability, and improved institutional coordination, the FY2026 revenue projections may become aspirational rather than grounded in economic reality. The Committee reaffirmed its commitment to ensuring that Liberia’s fiscal planning remains credible, transparent, and aligned with national development priorities.
The official report was signed by Hon. Michael M. Thomas, Cochairman on Expenditure; Hon. Dorwohn T. Gleekia, Cochairman on Revenue; and Hon. P. Mike Jurry, Chairman of the Committee. The document was formally submitted to the House of Representatives on November 27, 2025.
