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Senator Nyenabo Shortfall ‘Over-Ambitious’
Date Uploaded: May 08, 2014

Grand Gedeh County Senator,  Isaac Nyenabo

 

 

Senator Nyenabo Shortfall ‘Over-Ambitious’

By Winnie S.T. Dixon

MONROVIA, May 8 (LINA) - Grand Gedeh County Senator Isaac Nyenabo has blamed the continued budget shortfall on “overly ambitious presentation” by authorities of the Finance Ministry.

He said revenue generating entities bills, which are functions of the Legislature according to article 34 of the Liberian Constitution, have been carried out by authorities at the Ministry of Finance, something he said is not only wrong, but also a total disregard of the constitution of Liberia.

Article 34 (d) (i) of the Liberian Constitution requires revenue bills to generate in the House.

In an Interview with the Liberia News Agency (LINA) Thursday, he named the Liberia Maritime Authority, Liberia Petroleum Refining Company and the National Port Authority as some of the revenue generating entities.

Senator Nyenabo specifically cited among those entities, the Bureau of Maritime that contributed US$19 million to the budget, instead of its US$22.5 million contributions, leading to a shortfall of US$ 3.5 million.

The Grand Gedeh Lawmaker also reminded citizens that Liberia is an inherently dependent economy, where 90 percent of its goods and services are imported.

As a result of this, he said, a decline at the international level would affect Liberia’s budget immensely, if proper consultations are not carried out.

Meanwhile, the Grand Gedeh lawmaker has frowned on the depreciation of the Liberian dollar to the United States dollar on the foreign exchange market.

Senator Nyenabo said the situation can be attributed to the increased supply of Liberian dollars on the market and the high demand for the United States dollars by businesses and individuals.

In an interview with the Liberia News Agency (LINA) on Thursday, the Senator, who serves as Chairman on Banking and Currency, said as a result of the condition, the Central Bank Governor, Dr. Mills Jones, is expected to appear before the committee at a public hearing Monday at the Joint Chambers of the National Legislature to discuss the problem.

Last January, Finance Minister Amara Konneh and Central Bank of Liberia Governor, Dr. Mills Jones, appeared before the committee to present a holistic picture of the economy.

LINA WSTD/PTK

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