- Senate Ways, Means, Finance and Budget Chairman Prince K. Moye says the Legislature will only approve revenue projections in the FY2026 national budget that are "realistic, transparent, and achievable," insisting that public trust in the country's financial system depends on honest forecasting.
Moye delivered the warning Monday, November 24, 2025, during the opening session of the Senate's revenue hearings on the draft budget.
"This process is about trust, discipline, and national responsibility"
The Bong County Senator said every revenue-generating entity will be scrutinized thoroughly and fairly, with a focus on past performance, compliance, and credible revenue strategies.
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"This process is not about numbers alone but also about trust, discipline, and national responsibility," Moye said. He added that institutions tasked with raising revenue must prove that they are prepared to operate with "integrity and efficiency."
Finance Ministry Projects US$1.2 Billion Resource Envelope
Deputy Finance Minister for Fiscal Affairs Anthony G. Myers said the hearings are a critical part of determining how much money the government can realistically mobilize to fund its operations.
Myers told senators the FY2026 resource envelope stands at US$1.2 billion (LRD 240.23 billion), based on an exchange rate of US$1 to LRD 198.362. Of that amount, 15.5 percent (US$188.26 million) is expected to be raised in Liberian dollars and 84.5 percent (US$1.02 billion) in U.S. dollars.
He said domestic revenue is projected to contribute 94 percent of the envelope--roughly US$41.139 million--reflecting ongoing efforts to strengthen tax administration and broaden the tax net.
LRA Pushes for Retention of Portion of Collections
Liberia Revenue Authority Deputy Commissioner-General for Technical Affairs Gabriel Y. Montgomery urged lawmakers to amend the LRA Act to allow the agency to retain part of the revenue it collects.
Montgomery argued that revenue retention would "help the agency build capacity, especially for digitization and innovation in tax administration."
He cited improvements within the LRA, including progress on the Liberia Integrated Tax Administration System (LITAS), which enables taxpayers to register, file, and pay taxes online.
Senate Requests Key Financial Documents
The committee instructed the Ministry of Finance and Development Planning to submit the budget framework paper, including carry-forward balances from FY2024-2025 and FY2025-2026, along with other supporting documents.
The LRA was also directed to provide a detailed sales volume report, listing importer-by-importer revenue performance from January 2025 to the present.
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Revenue hearings resume Tuesday with presentations from the National Port Authority, Liberia Petroleum Refining Company, Liberia Maritime Authority, Liberia Telecommunications Authority, National Fisheries and Aquaculture Authority, National Road Fund, and the Forestry Development Authority.
