President Joseph N. Boakai has unveiled his government’s inaugural national budget for the year 2024, totaling US$690.2 million, to be reviewed by the House of Representatives. The budget proposal, presented by the Ministry of Finance and Development Planning, led by Finance Minister Boima S. Kamara, Deputy Minister Anthony Myers, and Deputy Minister Tanneh G. Brunson, emphasizes a reliance on domestic revenue, with a small portion sourced externally.
The submission of the budget on Thursday, March 14, signifies a significant milestone for the new Unity Party administration, highlighting the nation’s fiscal planning and governance. Deputy Minister Myers revealed that 93% of the budget will be funded through domestic revenue, with the remaining 7% sourced externally. Additionally, Deputy Minister Brunson noted a reduction in compensation from US$305 million to US$297 million.
Deputy Speaker Thomas Fallah accepted the budget on behalf of the House of Representatives, which has adjourned for a constituency break until May 10. During this break, the House’s Committee on Ways, Means, and Finance will meticulously review the budget to ensure thorough scrutiny and effective consultation with constituents.
The budget aligns with President Boakai’s vision for the country, encapsulated in the acronym “ARREST” (Agriculture, Roads, Rule of Law, Education, Sanitation, Tourism), emphasizing key areas for development. President Boakai has pledged to incentivize agriculture, provide access to appropriate technologies for farmers, enhance market and trade, and improve food storage and processing.
However, the delay in submitting the budget led to a shortage of government funds, prompting the President to sign a spending bill to sustain operations until the end of February 2024. The US$41.3 million spending bill prioritized compensation for government employees, debt servicing, the president’s 100-day deliverables agenda, and other goods and services.
Despite unanimous approval of the spending bill by the House, Nimba County District 7 Representative, Musa Bility, expressed dissatisfaction with the hasty decision-making process. Bility raised concerns about the lack of transparency regarding the previous regime’s use of funds and the absence of a detailed budget explanation.
In conclusion, the submission of the 2024 national budget underscores the government’s commitment to fiscal responsibility and sustainable development, setting the stage for transformative initiatives in key sectors of the economy.
