MONROVIA – President George Manneh Weah has finally signed into law the national budget for fiscal year 2023 in the tune of US$782,943,000, a US$5 million increase to the version submitted by the Executive.
By: Gerald C. Koinyeneh – [email protected]
The President’s action on Monday happened two months after both chambers of the 54th Legislature approved and forwarded to his desk for signature.
The Legislature had been back and forth with the financial instrument after it was first submitted by the Executive through the Ministry of Finance and Development Planning in December 2022 in the tune of US$777.9 million.
But following a protracted scrutiny, including public hearings, both Houses of the 54th National Legislature concurred and submitted the budget in the current figure to the Office of the President for signature.
The 2023 National Budget accounts for three separate revenue envelopes, including Tax Revenue and non-Tax Revenue as well as External Resources.
To become law, the budget will now be printed into handbill by the Ministry of Foreign Affairs.
The President’s approval also comes as members of the 54th Legislature are currently on their first quarter legislative break. They are expected to return in May, next month.
Maintaining Legislature Recommendations
Some key components of the budget include a set of recommendations adopted by the Legislature to be fully implemented by the Executive.
The recommendations, among other things, called 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, while 5% of said fund shall be for the administration of the Road Fund Authority.
It called for the direct transfer to the affected counties’ escrowed accounts all social development funds including the Land Rental Fees and 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.
