For the first time in Liberia’s history, the National Budget has surpassed the one-billion-dollar threshold, a milestone made possible largely through the ArcelorMittal Liberia (AML) Phase II Expansion Project and its landmark US$200 million sign-on bonus to the Government of Liberia (GOL).
President Joseph Nyuma Boakai, Sr. on Thursday presented the Draft National Budget for Fiscal Year 2026 to the National Legislature, amounting to US$1.21 billion. The budget was formally delivered to House Speaker Richard Nagbe Koon by Finance and Development Planning Minister Augustine Kpehe Ngafuan on behalf of the President.
According to the draft, domestic revenue accounts for US$1.13 billion, representing 94 percent of total resources. A key contributor to this record performance is ArcelorMittal Liberia’s expansion investment, which alone adds US$200 million in sign-on payments to the revenue portfolio. The remaining 6 percent—about US$72 million—will come from external sources.
Finance Minister Ngafuan described the 2026 Budget as “a turning point in Liberia’s fiscal history”, noting that private sector partnerships like ArcelorMittal Liberia’s are transforming the country’s economic landscape and strengthening revenue independence.
The Phase II Expansion Project, currently under construction, includes major upgrades to rail and port infrastructure, new concentrator facilities in Yekepa, and expanded ore shipment capacity. Once completed, it will triple production, create thousands of jobs, and deepen Liberia’s position as a regional mining and logistics hub.
The FY2026 budget also allocates nearly US$280 million to the Public Sector Investment Plan (PSIP)—targeting key priorities under the ARREST Agenda, including agriculture, roads, rule of law, education, sanitation, and tourism. These investments are expected to stimulate inclusive growth and deliver visible community-level impact.
In his budget message, President Boakai commended the National Legislature for its cooperation on the FY2025 budget, and urged timely passage of the FY2026 budget to ensure continuity of development programs.
“This budget reflects a growing economy built on stronger partnerships,” President Boakai noted. “It shows that Liberia’s natural resources can generate national progress when responsibly managed.”
The presentation of the FY2026 draft budget fulfills Section 1.7.1 of the Public Financial Management (PFM) Act of 2009, as amended in 2019, requiring timely submission to the Legislature.
Meanwhile, Minister Ngafuan will host a special press briefing on Monday, November 10, 2025, at 12:00 noon at the Ministry of Information, Cultural Affairs and Tourism (MICAT) to provide further details on the budget and its development priorities.
ArcelorMittal Liberia, operating in Nimba, Bong, and Grand Bassa counties, is investing over US$1.2 billion in its Phase II Expansion. The project is Liberia’s largest postwar private investment, and is central to the government’s drive for sustainable growth, job creation, and increased domestic revenue.
