The Plenary of the House of Representatives on Thursday, October 8, 2020, voted in favor of the passage of the draft national budget for fiscal year 2020/2021, in the tone of US$570,111,173 (five hundred and seventy million one hundred and eleven thousand one hundred and seventy three US dollars) with its equivalent in Liberian dollars L$113,452,123,427.00 (one hundred and thirteen billion four hundred and fifty two million one hundred and twenty three thousand four hundred and twenty seven Liberian dollars).
The plenary of the House of Representatives, reached the decision following a report from the Joint Committee on Ways, Means and Finance and Public Accounts after a thorough review of draft national budget, which was submitted to the National Legislature two months ago. The report was overwhelmingly voted for after it was read by the Chief Clerk of the House of Representatives during the 69th day sitting of the House.
Initially, the draft national budget was submitted to the Legislature in the tone of US$535,452,173. According to the joint report, the committee discovered during the budget hearing additional revenue in the tone of US$34,659,000, which raised the budget up to US$570.1 million for fiscal year 2020/2021.
According to the report, the institutions contributing to the budget are African Development Bank, US$14,000,000, Liberia Business Registry, US$1,500,000, Liberia Immigration Services, US$1,019,000, LPRC, US$750,000, Liberia Telecommunication Authority (LTA), US$1,356,000, Ministry of Foreign Affairs, US$206,000, Ministry of Transport US$2,028,000, National Aqua Fisher and Agriculture Authority, US$1,100,000, National Road Funds through LPRC, US$1,700, 000, Tax Revenue (new excise policy), US$11,000,000 and additional revenue discovered during the budget hearing, US$34,659,000, thus amounting to US$570.1 million for fiscal year 2020/2021.
According to its appropriation, compensation of employees amount to US$291,879,404, goods and services, US$65,463,386, subsidy, US$688,000, grants, US$45,752,974, social benefits, US$2,042,028, non-financial assets, US$55,726,381, domestic liabilities, US$45,135,225 and foreign liabilities US$28,764,775.
The budget has therefore been forwarded to the Liberian Senate for concurrence.