Liberia: Senate Passes 2022 National Budget
Monrovia – The Plenary of the Liberian Senate on Tuesday, February 8, concurred with the House of Representatives on the passage of the National Budget for the calendar year January 1, 2022 to December 31, 2022 in the tone of US$786.587million with public administration, security and rule of law, health and education topped.
The Senate agreed on the National Budget with a caveat that the Ministry of Finance and Development Planning will submit to the legislature, specifically the Senate, a detailed explanation of the country’s domestic debt which stands at over US$85 million.
The explanation as requested by Montserrado County Senator Darius Dillon will include: names of service providers, compliance level and value for money based on payment for projects funded by taxpayer’s money. The repost is expected to be submitted in one week.
According to the Committee on Ways, Means, Finance and Budget, the concurrence of the House’s Engrossed Bill No. 43, entitled an Act to Approve the National Budget for the Fiscal Year beginning January 1, 2022 and December 31, 2022 provides for the expenditure of the Government of Liberia.
The 2022 Budget was passed into Law by the Honorable House of Representatives on Thursday, December 16, 2021 during a Special Session and subsequently forwarded to the Liberian Senate for concurrence.
The Senate has since been working with its relevant Committees and leadership in scrutinizing same for its concurrence.
The Budget was presented to the Legislature by the authorities of the Ministry of Finance and Development Planning with the amount of US$786,587,304.
This amount when converted into Liberian dollars at the rate of one Hundred forty Liberian dollars, (140) to one United States Dollars, is L$110,122,227,600.00.
The Budget fiscal measures lines in its totality captured the following, among others, the social development funds including the land rental fees shall be transferred directly to the affected counties, a revenue sharing of 70-30% between the central government and the counties, cities, township, borough for all excess budgetary revenue collection from real property taxes.
Meanwhile, Plenary has, at the same time, halted the payment of Liberia gross domestic debt until proper investigation is launched into the allotment process.