Monrovia – The Liberia Revenue Authority (LRA) has alarmed over default payment of more than US$14M by three autonomous government agencies: the Liberia Petroleum Refinery Company (LPRC), National Port Authority (NPA) and the Liberia Maritime Authority (LMA).
Report by Henry Karmo – [email protected]
In the Budget Forecast of 2016/2017, it was expected that the LPRC would have paid into government account US$43M but paid US$24M, NPA, should have paid US$ 2.5 but paid US$ 1.5 M and Maritime US$ 11.5 and paid US$7M.
At the opening of the budget hearing, Madam Elfreda Stewart-Tamba requested the Legislature to put in place mechanism that would ensure a transparent collection of revenue from the three government entities into the National Budget.
For his part the Chairman on the Joint Committee on Ways, Means, Finance & Budget, said his committee will work harder despite the shortness of time for the 2017/2018 Draft Budget to be approved before July 1, 2017.
The estimated revenue projection for the 2017/2018 Budget is US$526m.
Rep. Prince Moye warned ministries and agencies of government to be punctual at every hearing.
The House’s Chairman on Ways, Means, Finance & Budget who is also a Bong County lawmaker said the Joint Committee had planned the Revenue Component for a week, which will run from Monday – Friday, June 5 – 9; and then the Expenditure Component will be another week, beginning Monday – Friday, June 12 – 16.
He said the Joint Committee will take the third week in June to analyse the budget for subsequent passage of the 2017/2018 Draft Budget.
Rep. Moye made the assertions on Monday, June 5, during the formal opening of the 2017/2018 Draft Budget Hearing in the First Floor’s conference room.
“Even though the time is short, but we will work harder and carefully to pass the budget,” Rep. Moye said.
According to the Budget Law, the Liberian fiscal calendar runs from July 1 to June 30.
The Acting Co-Chairman of the Joint Committee on Ways, Means, Finance & Budget, Senator Henry Yallah, said the Committee will not tolerate rescheduling of Ministries and Agencies.
For his part, the Deputy Finance Minister for Fiscal Affairs, Adolphus Forkpa, said the total draft resource envelope is US$526.5M; the core revenue is US$523.5M and the contingent revenue is US$2.9M.
Mr. Forkpa said the total revenue in Liberian Dollars amounts to L$57.3M, at the projected annual average exchange rate of US$1 to L$109.