Published: November 18, 2024
Capitol Hill, Monrovia – President Joseph Nyuma Boakai has presented the Fiscal Year 2025 Draft National Budget to the National Legislature, proposing a total of $851.8 million.
The new budget shows a 15.3% increase over the $738.9 million 2024 Recast Budget, projecting the administration’s commitment to advancing its ARREST Agenda for Inclusive Development (AAID) while addressing debt obligations and other key priorities.
President Boakai delivered the budget document earlier today to the House of Representatives through the Chief Clerk. Of the total amount, US$833 million is earmarked as Core Revenue, with $18.8 million classified as Contingent Revenue. The significant increase in appropriation, according to the President, is intended to align resources with the government’s developmental agenda and ensure inclusive economic growth.
“This draft budget lays the foundation for addressing the critical needs of our people and advancing our national development priorities. I urge you, the honorable lawmakers, to give it the timely consideration it deserves to ensure its effective execution beginning January 2025,” President Boakai told the legislators during the submission.
The draft budget focuses on supporting key sectors such as education, healthcare, infrastructure, and agriculture, all central to the administration’s ARREST Agenda, which aims to tackle systemic development challenges. Additionally, it includes allocations for debt servicing and other pressing government obligations, emphasizing fiscal responsibility.
The submission is in compliance with Section 17.1 of the 2019 Amendment and Restatement of the Public Financial Management Act of 2009, which mandates the President to submit the national budget to the legislature for consideration ahead of the fiscal year.
Meanwhile, Finance and Development Planning Minister Augustine Kpehe Ngafuan is scheduled to provide a detailed breakdown of the draft budget during a press briefing on Tuesday, November 19, 2024, at 12:00 p.m. at the Ministry of Information, Cultural Affairs, and Tourism. The press has been urged to arrive early to ensure timely proceedings.
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