Doloquee
Monrovia — On Monday, President George Manneh Weah signed into law the national budget for the fiscal year 2023, amounting to US$782,943,000.
This marks a US$5 million increase from the version initially submitted by the Executive. The approval came two months after both chambers of the 54th Legislature had approved and sent the budget to the President for signature.
The Legislature had been back and forth with the budget, which was first submitted in December 2022, before it was concurred and submitted to the President for signature after a lengthy scrutiny process.
The budget comprises three separate revenue envelopes, including Tax Revenue and non-Tax Revenue, as well as External Resources. The budget will now be printed into a handbill by the Ministry of Foreign Affairs before it becomes law.
Read Also: Press Union of Liberia Urges Supreme Court to Expedite Resolution of Leadership Crisis
Among the key components of the budget are recommendations adopted by the Legislature to be fully implemented by the Executive. The recommendations call for all revenues collected from the Road Fund to be remitted to the Road Fund Authority by the Ministry of Finance and Development Planning as collected.
Also, 5% of said fund shall be for the administration of the Road Fund Authority. Furthermore, the budget calls for the direct transfer of all social development funds, including Land Rental Fees, to affected counties’ escrowed accounts.
It also proposes a revenue sharing of 50%-50% between the Central Government and the counties (Cities, Township, Borough) for all excess budgetary revenue collected from real property taxes.
