The Government of Liberia fails to meet external revenue target, totaling US$42.426 Million for 2024.
By Lincoln G. Peters
Monrovia, Liberia, December 16, 2024 - The Government of Liberia, through the Liberian Revenue Authority (LRA), has failed in US$42.426 million External Resources mobilization, as projected in the 2024 recast budget.
Also, disappointingly, National Fisheries and Aquaculture Authority (NaFAA) has failed to contribute (US$1.276m) one point two seven six million United States dollars as tasked in the 2024 National Budget.
Making the disclosure over the weekend during the 2025 Budget hearing at the Liberian Senate, Liberia Revenue Authority Commissioner General James D. Jallah said the Liberia Petroleum Refining Company and the National Port (LPRC) Authority (NPA) are still struggling to contribute what they promised to the National Budget of 2024.
Liberia's Revenue envelop continues to experience consistent growth between 2022-2023, he said, adding that as of November 30, 2024, Liberia's Revenue Collection has surpassed all previous years, despite the fact of not ending 2024.
According to him, as of November 30, 2024 they have raised six hundred and nineteen point nine, nine two million United States dollars, compared to six hundred and eleven million United States dollars that was the outturn for 2023.
"So, our year today's number has taken our revenue collection in all previous years. As a matter of fact, we can say since the existence of the Republic of Liberia", CG Jallah bragged.
He noted that they are on target at the end of 2024 and expected to meet the recast target.
Providing the revenue performance update for 2024, he said that the total resources envelope for 2024 was US$738.86M) seven hundred and thirty-eight point eight six Million United States dollars in the approved budget.
According to him, of that amount, six hundred and ninety-four point six two six million United States dollars was for domestic revenue, while also in the approved budget of 2024, forty-two point four two six million was expected to have come from external sources, unfortunately, they have not managed to get that money.
Also, he lamented that in the recast budget of 2024, the budget numbers remain the same, with external resources projected at Forty-eight million, but then the domestic resources envelope was cited from six hundred ninety-six point four million to six hundred and ninety point eight six Million.
"Now, based on that recast number, overall, we have been able to raise six hundred and nineteen point nine, nine two million, which constitute 84% of the overall recast envelope, but if you also look at it in the context of domestic resources mobilization, it also constitutes 90% of our target of six hundred and ninety million that was in the recast budget. The balance to be collected for the domestic resources is US$70 million, and we are struggling and doing our best to raise that," he promised.
Giving update on State Own Enterprises (SoE) revenue contribution and collection to the National Budget of 2024, he added that on shared task with the SoE, they were tasked to collect three point two nine million as a contribution to the budget from LPRC, but, LPRC has done only two point five million which indicates 65%.
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"Now, LPRC has one point three two nine million to contribute. Also, the National Port Authority, or NPA, was given a target of seven point five million. The original budget was recast to six point three eight two million; they have been able to do three million of that, which is a 47% performance level. And so, they have a balance of three point three eight two million", Jallah explained.
Also, for the National Fisheries and Aquaculture Authority, he pointed out that NaFAA was in the recast budget tasked to provide one point two seven six million, but, to date, they have not provided or made any contribution at all against that target.
"They still have one point two seven six million to contribute as the budget of 2024 ends next January. We've dividend of other public entities at five hundred thousand United States dollars, and today, nothing has been done", he concluded. Editing by Jonathan Browne
