The Director National Bureau of the Budget, Augustine Ngafua has submitted a draft budget of over 276 million United States Dollars to the National Legislature yesterday, May 20, 2008, on Capitol Hill, Monrovia.

The draft budget totaling US$276,767,955 covers the budget period dating from July 1, 2008 to June 30, 2009.

Director Ngafua made the disclosure yesterday at a News Conference held at his offices on Capitol Hill following the submission of the draft budget to the Legislature.

In his presentation, the BOB Boss said he told the lawmakers that President Sirleaf had instructed him to do so in fulfillment of constitutional mandate. Mr. Ngafua noted that Education tops the budget with 27.1 million representing 9.8%, excluding other allotments to the educational sector.

He said the development programs of counties and communities rank second with 2.3 million, representing 8.7% of the budget. Public Works related activities come third with 21.8 million, representing 7.9% of the budget, while the health sector ranks fourth with 20.1 million, representing 2.3%.

Mr. Ngafua averred that the draft budget of US$276,767,955 represents a growth of about 38.8% over the approved budget for 2007/2008 of US$199.4 million. He clarified that the proposed budget is supported by a total resource envelop of US276.8 million which is broken down into two major sectors.

Of the two major sectors, Ngafua said a core budget sometimes called 'High Revenue Source' will account for US248.9 million, while a contingent budget representing less revenue sources will account for US27.9 million.

He said expenditure items in the contingency budget will be spent to the extent that contingency revenue items are raised in a way that base budget does not experience under performance in revenue.

The Bureau of the Budget Boss said the other aspect of the budget is further disaggregated into recurrent revenue of US212.5 million and non-recurrent revenue of US36.4 million.

According to him, the draft budget attempts to address several significant socio, economic issues of the state. Among the list of top priorities, he said the budget allots 9.5 million for the upward adjustment of servants' salaries.

He said this will translate into 27.3% increase in the pay of the least paid civil servant from the current US$55 minimum to US$70 as the new flow pay which he puts at LD$4,200 at the exchange rate of US1.00 to LD$60.00.

The draft budget he averred also includes a number of operations specifically emphasizing government's commitment to poverty reduction.

Amongst these, he noted is the rural workers' incentive scheme to which the draft budget allots US$500,000 to induce teachers, health, agricultural workers to take up assignments in the rural areas.

In response to the Global Food Crisis, which led to sharp increment in the prices of imported food, Ngafua said the draft budget has allotted over US$3 million to address specific issues in buttressing the food security of Liberia.

Equally responding to fuel crisis, he said the budget has also allotted over 2.5 million to the Monrovia Transit Authority and the Ministry of Transport.

He said the amount allotted to Transport is only a traditional lodging because in the absence of National Transit Authority, the Transport Ministry will have about US990, 000 to enable it purchase vehicles or support rural transportation.

Mr. Ngafua revealed that the Executive allotted a total of US1 million as additional funding to the MTA which includes US500,000 in the base budget, and another US500,000 in the contingency budget to enable MTA acquire more buses so that entity will perform services for the Liberian people at a subsidize rate.