Chairman of the House Committee on Ways, Means and Finance, Emmanuel Nuquay
US$132m Needed To Pass Fiscal Year 2014/2015 Budget
By Joseph Toe
MONROVIA, November 4 (LINA) -The Joint Committee on Ways, Means and Finance of the National Legislature is holding discussions with state enterprises to finance a US$132 million budgetary gap to pass the proposed US$605 million budget for the 2014/2015 fiscal year.
The state enterprises include the Liberia Telecommunications Authority, National Port Authority, National Oil Corporation of Liberia and the Liberia Petroleum Refining Company, according to a legislative source.
The source told the Liberia News Agency Tuesday that the Government, through the Ministry of Finance and Development Planning, made a revenue projection of US$473 million in the overall budget, which falls short of the amount that created the gap.
According to the source, this has impacted the ability of the Joint Committee to pass the budget which, by law, should have been passed in July 2014 to pave the way for the commencement of the 2014/2015 fiscal year.
The source hinted that the budget is likely to pass “in a few days” if negotiations are concluded and the document sent to President Ellen Johnson Sirleaf for approval.
“Until then, government ministries and agencies are currently operating on one-twelfth of their 2013/2014 fiscal budget,” the source pointed out.
Meanwhile, the Chairman of the House Committee on Ways, Means and Finance, Emmanuel Nuquay, has said it is difficult to put a timeline on the passage of the budget.
“As you can see, we are going to a meeting to continue discussion of the budget,” Nuquay told the Liberia News Agency Monday.