{"id":39586,"date":"2023-07-05T17:47:59","date_gmt":"2023-07-05T17:47:59","guid":{"rendered":"https:\/\/www.africa-press.net\/liberia\/all-news\/house-begins-revision-of-759-4-m-recast-budget"},"modified":"2023-07-05T17:52:32","modified_gmt":"2023-07-05T17:52:32","slug":"house-begins-revision-of-759-4-m-recast-budget","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/liberia\/all-news\/house-begins-revision-of-759-4-m-recast-budget","title":{"rendered":"House begins revision of 759.4 M recast budget"},"content":{"rendered":"

Africa-Press – Liberia. <\/strong><\/span>The House of Representatives- HOR has commenced revision of the draft restatement budget for fiscal year 2023.<\/p>\n

The plenary decision Tuesday, 4 July, followed the submission of the instrument by President George Weah.<\/p>\n

\u201cIt is my pleasing duty to herewith submit to the 54 National Legislature of the Republic of Liberia, a proposed Restatement of the FY2023 National Budget in the total amount of US$ 759.4 (Seven Hundred Fifty-Nine Million Four Hundred Thousand United States Dollars)\u201d, President Weah added.<\/p>\n

The Liberian Leader said the confluence of reduction in the volume of trade, expiration of surcharge on petroleum, reduction of tariff on excise on petroleum and a six-month-running slump in global market prices of export commodities in the mining sector has engendered revenue underperformance in both tax and non-tax categories since the beginning of the current fiscal year.<\/p>\n

According to him, this underperformance has posed a challenge for executing the budget in the first two quarters of FY2023 and prompted early reprioritization and program deferrals in some instances.<\/p>\n

\u201cIt is against the foregoing that realization of the aggregate amount of US$23.5 million or 3.5 percent of the total projected Domestic revenue of US$672 million has been deemed a risk and untenable\u201d, he added.<\/p>\n

The President said to ensure that year-end spending is in line with available resources, adjustments in spending entities\u2019 program allocation balances have been made such that the risk is absorbed by all and sundry.<\/p>\n

He added that critical priority allocations for the ensuing elections and the national electricity grid have been ring-fenced.<\/p>\n

President George Weah said the revised revenue envelope for the proposed Restated Budget is US$ 759.4 (Seven Hundred Fifty-Nine Million Four Hundred Thousand US Dollars), reflecting a net decrease of US$ 23.5 million or 3.0 percent below the originally approved Budget of US$ 782.9 Million.<\/p>\n

\u201cThe total adjusted recurrent expenditure is estimated at US$612,558,028 (Six Hundred & Twelve Million Five Hundred and Fifty-Eight Thousand Twenty-Eight United States Dollars) or 80.7 percent of the total proposed expenditure. The revised expenditure estimate for public sector investment is US$146,857,790 (One Hundred & Forty-Six Million Eight Hundred Fifty-Seven Thousand, Seven Hundred and Ninety United States Dollars) or 19.3 percent of the total proposed expenditure\u201d, he added.<\/p>\n

Meanwhile, a motion by Lofa County District 3 Representative, Clarence Massaquoi, on behalf of plenary received the instrument and vowed to consider such upon the distribution of copies to each lawmaker.<\/p>\n

The total adjusted recurrent expenditure is estimated at US$612,558,028 (Six Hundred & Twelve Million Five Hundred and Fifty-Eight Thousand Twenty-Eight United States Dollars) or 80.7 percent of the total proposed expenditure.<\/p>\n

The revised expenditure estimate for public sector investment is US$146,857,790 (One Hundred & Forty-Six Million Eight Hundred Fifty-Seven Thousand, Seven Hundred and Ninety United States Dollars) or 19.3 percent of the total proposed expenditure.<\/p>\n

For More News And Analysis About Liberia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Liberia. The House of Representatives- HOR has commenced revision of the draft restatement budget for fiscal year 2023. The plenary decision Tuesday, 4 July, followed the submission of the instrument by President George Weah. \u201cIt is my pleasing duty to herewith submit to the 54 National Legislature of the Republic of Liberia, a […]<\/p>\n","protected":false},"author":84,"featured_media":39585,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7],"tags":[233,237,234],"class_list":["post-39586","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","tag-africa-press","tag-africa-press-liberia","tag-liberia"],"yoast_head":"\nHouse begins revision of 759.4 M recast budget - Liberia<\/title>\n<meta name=\"description\" content=\"The House of Representatives- HOR has commenced revision of the draft restatement budget for fiscal year 2023. 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