The Senate has unanimously concurred with the House of Representatives on the passage of the US$738,859,827, 2024 National Budget. The passage of the fiscal instrument sees the national legislature handling President Joseph Nyuma Boakai's maiden budget to execute as head of state.
The Senate concurred with its Lower House counterpart during the final session of the Special Session on April 30, 2024. In the senate's action was also the inclusion of adjustments and an additional revenue of US$46,451,000.
Senator Prince K. Moye, Chairman of the Committee on Ways, Means, Finance, and Budget, reported adjustments to domestic debt obligations, creating a net fiscal space of US$96,101,000.
Key allocations within the budget include various sectors like Social Development (US$15.5 million), security and the Rule of law (US$12.3 million), agriculture (US$3.4 million), and education (US$3.3 million). The legislature also allocated US$4 million for the rehabilitation of disadvantaged youth (Zogoes).
Concerns were raised during the Senate's discussions regarding potential budget misuse, leading to a commitment to enhance oversight for the benefit of Liberia and its people.
The allocation plan included provisions for the Road Fund's equipment purchase for maintenance and government vehicle cost limits.
According to a Senate Press Release, the 2024 fiscal envelope will allocate 25 percent of the Road Fund for the purchase of road equipment for maintenance purposes in all counties. Additionally, 5 percent of the Road Fund will be used for administration costs.
Moving forward, the Ministry of Public Works will provide a road construction list for approval within 15 days.
The ministry has been mandated to submit a comprehensive list of all roads to be constructed under this budget to the Legislature through the Legislative Budget Office for approval.
Furthermore, the budget will limit the cost of government vehicles, with the exception of the President, Vice President, Speaker, President Pro-tempore, Deputy Speaker, and Chief Justice, to a maximum of US$45,000 per vehicle.
The county development funds' smooth execution will involve the transfer of Social Development Funds to the counties' escrow accounts to support local projects. This will ensure a smooth execution of the county development funds, the lawmakers said.
The House of Representatives had initially voted unanimously to approve the draft national budget for Fiscal Year 2024 to the tune of US$738,859,827, though the Executive earlier submitted US$692.2 million.
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In an unprecedented and legislative move, 60 members of the House of Representatives voted for the passage through roll call.
The plenary's decision followed a recommendation by the House's Committee on Ways, Means, and Finance after a joint budget hearing with the Senate for a three-week public hearing into the 2024 Draft National Budget.
The committee said the figure was derived following hearings which were characterized by rigorous (robust) budget debates. In these debates, the committee reported that ministries and agencies were allowed to defend their draft proposals.
In cases where there were doubts and insufficient information, the committee said it divided itself into sub-committees to ensure that the hearing intently looked at the programs, to ensure value for money.
Major revenue-generating agencies that were grilled were State-Owned Enterprises (SOEs) including the Liberia Telecommunication Authority, Liberia Maritime Authority, National Port Authority, Liberia Petroleum Refining Company, and other revenue-generating ministries, agencies, and commissions.
Meanwhile, the passage of the National Budget was a focal point of the Legislature's special session, called by President Boakai for efficient governance.
