spot_imgspot_img
Tuesday, December 10, 2024

PRESIDENT BOAKAI SUBMITS US$851.8 MILLION DRAFT BUDGET FOR FY2025 TO LEGISLATURE

Date:

MONROVIA, LIBERIA – President Joseph N. Boakai on November 18, 2024, presented the Draft National Budget for Fiscal Year 2025 to Liberia’s National Legislature, totaling US$851.8 million. This submission, marking a crucial step in managing the nation’s finances, aims to advance the country’s development goals and ensure economic stability.

Delivered to the House of Representatives by the Chief Clerk, the proposed budget now enters the legislative review process. It aligns with the ARREST Agenda for Inclusive Development (AAID), focusing on key priorities such as debt servicing, infrastructure, and economic growth.

The FY2025 budget represents a 15.3% increase from the US$738.9 million 2024 recast budget, signaling the administration’s commitment to national progress despite global economic challenges. The budget is divided into two key components: Core Revenue of US$833 million and Contingent Revenue of US$18.8 million, which will support government operations and developmental initiatives.

In his communication to lawmakers, President Boakai stressed the importance of the budget’s timely approval to ensure smooth implementation by January 2025. He emphasized that the budget reflects the government’s dedication to fostering an inclusive economy, creating jobs, improving infrastructure, and addressing the nation’s pressing needs.

The submission complies with Section 17.1 of the 2019 Amendment and Restatement of the Public Financial Management Act of 2009, which requires legislative approval for the proposed budget.

Key Revenue Projections and Allocations Finance Minister Augustine Kpehe Ngafuan provided further details during a press briefing on November 19, 2024, revealing that the total revenue is expected to reach US$851.8 million, with US$791.76 million (93%) coming from domestic revenue. The breakdown is as follows:

Tax Revenue: US$633.72 million (80% of domestic revenue)

Non-Tax Revenue: US$138.5 million (17.4% of domestic revenue)

External Resources: US$60 million (7% of the total budget), including contributions from the World Bank (US$40 million) and the European Union (US$20 million), marking a 50% increase in external funding compared to the previous fiscal year.

Minister Ngafuan also announced that starting in January 2025, all government employees will earn at least US$150 in gross salary, in accordance with the Decent Work Act of 2015. He assured that salaries would be paid on time, with all government workers receiving their wages by the 24th of each month.

The budget includes significant salary adjustments for essential sectors such as healthcare, education, security, and public administration, ensuring improved pay for doctors, teachers, security personnel, and law enforcement officers.

As the legislature begins its review, the public eagerly awaits the approval and implementation of the budget, which aims to drive national development, improve infrastructure, and improve the lives of Liberians, setting the stage for continued progress in FY2025.

smartnews
Smart News Liberia is an online news outlet and a product of Smart Media Group Inc. Our website, smartnewsliberia.com, covers a broad spectrum of news content. For inquiries or information, you can reach us at 0777425285 or 0886946925, or email us at smartnewsliberia@gmail.com or info@smartnewsliberia.com.

LATEST DEVELOPMENT

CLASHES AT CAPITOL HILL HIGHLIGHT POWER STRUGGLES AND THREATS TO LIBERIA’S DEMOCRACY

CAPITOL HILL, MONROVIA – Tensions boiled over at the...

‘WHERE IS OUR PRESIDENT?’ SENATOR KONNEH CALLS FOR STRONGER LEADERSHIP FROM BOAKAI

LIBERIA – Gbarpolu County Senator Amara Mohammed Konneh, who...

DR. NYAN ISSUES URGENT HEALTH WARNING AS NPHIL ENHANCES SURVEILLANCE AGAINST VIRAL HEMORRHAGIC FEVER

MONROVIA, LIBERIA – Dr. Dougbeh Chris Nyan, the Director-General...

BOAKAI SIDESTEPS SPEAKER KOFFA: LOGICALITY OR PRECEDENT-SETTING BREACH?

President Joseph Boakai's decision to submit the 2025 draft...

A MILESTONE FOR LIBERIA’S HIGHER EDUCATION, BUT CHALLENGES REMAIN

The launch of Liberia’s first doctoral programs at the...

BOAKAI’S MISPLACED AMBITIONS AS LIBERIA BLEEDS AND THE PRESIDENT COURTS GLOBAL VANITY

Eight months into his presidency, Joseph Boakai’s administration is...

COMMENTARY

THE LASTING LEGACY OF PRINCE JOHNSON’S DEATH AND THE PATH FORWARD FOR LIBERIA

By Lyndon J. Ponnie, Sr. The passing of former Liberian...

PRES. BOAKAI’S LACK OF LEADERSHIP AND LIBERIA’S POLITICAL CRISIS

-A Commentary Joseph Boakai's failure to lead has once again...

THE MASS DISMISSAL OF LIBERIAN PUBLIC SERVANTS: A TROUBLING TREND UNDER THE BOAKAI ADMINISTRATION

A Commentary by Wondah L. Jah Since assuming the presidency,...

SECURITY RISKS: IS PRESIDENT BOAKAI UNKNOWINGLY SETTING THE STAGE FOR EARLY COUP D’ÉTAT?

In his commentary, Liberian political analyst Vandalerk R. Patricks...

LATEST NEWS

PRESIDENT JOSEPH BOAKAI POISED TO INSPIRE NATION IN A RESILIENT STATE OF THE NATION ADDRESS

Liberia's 26th President, Joseph Boakai, is preparing to deliver...

SUPREME COURT HALTS SUSPENSION OF CBL GOVERNOR TARLUE AMID CONSTITUTIONAL DISPUTE

MONROVIA, LIBERIA – In a significant legal development, Supreme...

Share post:

EXCLUSIVE INTERVIEW

OPINION

LIBERIANS ARE IN AN ABUSIVE RELATIONSHIP WITH THE UP AND CDC

  An Opinion By Grace RK Guar Every six...

AMERICA’S NEGLECT OF LIBERIA: A CALL FOR CHANGE

An Opinion By Bishop Dr. Rudolph Q. Kwanue, Sr A...

AMID AN UNENDING WAR AGAINST POVERTY, INJUSTICES – HAS THE PROGRESSIVE STRUGGLE BECOME LOST IN TRANSLATION?

A Patriot's Diary With Ekena Wesley What manner of Liberian progressives...

HAS PRESIDENT BOAKAI’S GOVERNMENT BEGUN BEARING GOOD FRUITS? (PART1)

By Jacob N.B. Parley Following a careful reflection, I have...

ELEVATING THE AG BIBLE COLLEGE TO A UNIVERSITY: A MILESTONE ACHIEVEMENT

By Jacob N.B. Parley After many years of successful preaching...

THE GALLERY

spot_imgspot_img

MORE ARTICLES

spot_imgspot_img

MORE NEWS

LATEST DEVELOPMENT NEWS

LATEST CRIME NEWS

Share via
Copy link