Monrovia – The Legislature has finally passed the National Budget 2016/2017, sending it to the Executive for signature. The decision was reached Thursday when the Senate concurred with the House of Representative on the passage of the budget.
Despite harsh economic outlook characterized by drastic fall in the prices of essential commodities on the world market adversely affecting Liberia, the legislature approved a budget with additional US$46M putting revenue collectors in the position to collect US$600M, which if realized will be the highest revenue generation by the Sirleaf led administration in a single year.
Increase in the national budget comes after President Ellen Johnson Sirleaf and other officials of the ruling Unity Party warned that the country will experience a bad economic situation in 2016 going toward the 2017 election.
Delivering her 11th Annual message on the State of the Republic on January 25, President Sirleaf expressed that the Liberian economic is under severe stress and warned Liberians of difficult times.
Announcing the approval of the 2016/2017 budget by the House of Representatives, Representative Prince Moye chairman on Ways, Means and Finance committee announced that the body sourced additional $46 million funding increasing the amount from US$550,992,598.00 to 600,203,674.00.
The Plenary of the House of Representatives unanimously endorsed a report from its Specialized Technical committee to pass the Fiscal Year 2016/17 National Budget.
According to the body, the decision was taken based on recommendations contained in a report to the Honorable Body.
In the final report to plenary the committee recommended that excise taxes on alcoholic beverages, water, soft drinks: amendments to section 1120 and section 1140 and excise taxes on mobile telephone usage be rejected.
The committee also recommended that section 1165 be rejected because the first count contravenes the WTO agreement that Liberia just subscribed to; while the second count will increase the cost of economic challenges.
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