House Approves US$563.6M 2017/2018 Fiscal Budget

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Lawmakers voting in favor of the passage of the budget

The House of Representatives on Tuesday, July 18, unanimously approved the amount of US$563,563,423 for the 2017/2018 Fiscal Budget.

The Executive Branch earlier submitted the budget on May 21, about two months ago, to the Legislature.

Plenary’s decision was based on recommendation from the House’s Joint Committee on Ways, Means and Finance and Development Planning and Public Accounts and Expenditures, chaired by Representative Prince K. Moye of Bong County.

Rep. Moye is also the chairman on the Joint Committee on Ways, Means and Finance and Budget and Public Accounts of the House of Representatives and the Senate.

In a report to the House plenary, the committee noted in its recommendation that though the amount initially submitted by the Executive was US$526,548,000, over US$37 million (US$37,015,432) was identified as additional and unencumbered revenue.

This followed vigorous and thorough scrutiny (Monday, June 5 to Tuesday, July 11) involving the Ministry of Finance and Development Planning, representatives of line ministries and agencies, the Liberia Revenue Authority, and members of the public.

“Of this amount, US$12 million is considered as contingent revenue comprising tax, non tax, and the World Bank Millennium Challenge Corporation Road Fund. US$25 million goes as a  core revenue comprising tax, non tax and the World Bank Millennium Challenge Corporation Road Fund,” the report said.

Rep. Moye said in his report that the over US$37 million identified as additional and unencumbered revenue increased the total adjusted revenue from US$526,548,000 to US$563,563,423 or L$61.4 billion, at the exchange rate of L$109 to US$1.

In its report, the committee provided details on the breakdown of the additional amount of revenue captured during the budget proceedings.

It also explains that the additional amount of US$37 million identified in revenue considers critical needs in the areas of justice and security, health, education, infrastructure and judiciary, and the pending 2017 representative and presidential elections.

9 COMMENTS

  1. Tell me if your salary will increase can you say no? Another no money budget is passed and some people will buy big cars while No money for Lone Star, No money to pay new doctors and nurses. Shame on us ………

  2. All Liberian Salaries should be paid in Liberian Dollars. There is enough money for toner (ink) cotton – fiber papers + shipping and handling, CBL to pay print equivalent $563,563,423 (million) X 100 USD = 56,356,342,300 (billion Liberian dollars). If rate is 100 USD. The United States will print for Liberia if ready to trade with United states dollars for production of Liberian bank notes. The special drawer right of US-Liberian trade is ground for only Liberian dollars to be used for Liberian encumbrances, especially 2017/ 2018 and above.
    Gone to 57% silent majority. Do not answer me.
    Tell the Liberian voters. The ballot box.

  3. Look at them putting up their fat hands. All they want is more money. Pay them in Liberian dollars. Why are they not with their constituents but living in Monrovia?

    • Ms.C; because Monrovia is the seat of the Liberian Government. I suppose they all return to their various Couunties; when there’s a long recess. Our biggest concern is with their extravagant lifestyles on a national budget of a mere $526 millions; for a country, the size of Liberia with a Population of over 4millions. After we take away the high SALARIES of GOVERNMENT officials, how much is left for other Government expenditures? Very little! Something to take very seriously. No doubt! Liberia can not afford such LUXURIES/EXTRAVAGANCIES…

  4. If 100USD to 1 Liberia money, than 1.00 USD = 100 Liberian Dollars. Using the term “Dollars” to justify both currencies. It cost the same when using Liberian currency to purchase American, and using American Currency to purchase Liberian currency. (for example the taste for a plate of palm butter and fufu to eggs cheese hamburger with some fries). But when using Liberian Currency to purchase Liberian products, and American currency to purchase American products. It is less cumbersome and cheaper for both types per taste, people, especially businesses not on their way out of their various nations to hide wealth personal.
    Gone to son. Tell the Liberian people. Not us.

  5. Is this a joke? Liberia’s “House Approves US$563.6M 2017/2018 Fiscal Budget.”

    How can a government develop a nation with approximately 4 million people on a minuscule amount of money? Floyd Mayweather (an American Professional Boxer) made $280 million dollars (half of Liberia’s fiscal budget) in 2014.

    It is awful that our lawmakers paid themselves exorbitant salaries in a country where average Liberians live on $2.00 per day. Leadership is about maintaining political stability and creating economic growth.

    Why is Liberia’s fiscal budget so low? Why are we not generating enough money to stimulate the economy? Why are we not protesting against unnecessary entitlements (perks…..government issued cars, gas, etc.) that the lawmakers received?

    Why is Liberia’s open-door- policy not attracting many multinational companies that once operated in Liberia during the 60s and 70s when Liberia had one of the highest economic growths south of the Sahara? Is the government failure to privatize certain industries (Water, Light, Seaports, Airports, rail transportation, and mega agro companies) resulting into low revenue income? Is the abuse of Liberia’s weak tax system preventing high revenue generation?

    Also, what are some of the Economic Barriers to Entry that are preventing economic growth in Liberia?

    Is it too much government regulations? Is it too difficult for Liberians to start their own businesses due to bureaucratic hurdles in obtaining a business license?
    Is the start-up cost too high for Liberians to obtain business loans?
    Is the lack of water and electricity makes it too difficult to apply new business technology in Liberia?

    Or, is it that the Economies of Scale favors larger companies so that Liberians are unable to produce and compete in the market because these large companies control the price market?

    Why are Liberians not focusing on growing products that unique to our tropical rainforest: Ivory Coast and Ghana are dominating the Region in Cocoa production, Liberia can dominate in coffee production.
    Last but not least, many Liberian businesses do not have access to foreign suppliers, and the necessary distribution channels in promoting their businesses.

    With strong leadership, sound fiscal and decentralization policies, skilled work force, and pro-growth economy, Liberia’s meager fiscal budget could rise exponentially in the foreseeable future.

  6. I am glad to extend my thanks and appreciations to the House of Senate and Representatives for job well done. but my concern has to do with many questions. What is your income as a Liberian plus your current status? many of you are not doing anything to help improve the Liberian’s revenue sector. question # 2, How many of you contribute to real estate Taxes and general income tax? Most of you are renters. Who do you consider as direct and indirect beneficiaries to this huge money? what was the pass budget? please tell us the balances. Which consulting firm help you to plan this budget? I remain to give you the flowers of consumers. Do your own thing and no one will ask you Luxurious Liberian.

    Emmanuel N. Nyanti
    Grand kru County

  7. I firstly want to extend many thanks and appreciations to the house of palament for the approved fiscal budget….But what is actually been approved can’t take our nation any where near what I may called progressive and developmental changed spread out of the approved budget for fiscal period….we firstly have to look as some key areas that have to be look at,agriculture(to have a vibrant and strong economy,we have to invest in agriculture..the nation is growing and wilding in term of population and we eat more than what we produced,now tell me ,how long are we going to looking up to other nations for feeding ? Where is the LPMC ? This budget is too little to overhaul such a nation…please joint houses rethink your minds and do something about this area. 2. Let us also look at the private sectors/companies ,gov’t is now the largest institution that employed wow,so amazing, gov’t need to negotiate with foreign partners and enacted a policy not law to enable foreign investors to participate in the economy and to absorb more Liberians than that of the gov’t ,I believe this will also support the nation budget….

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