By Dorcas T. Gboerreh-Boe
MONROVIA, Aug. 11 (LINA) – The joint committee on Ways, Means and Finance, and Public Expenditure of the 54th Legislature has started hearings into the revenue component of draft budget for fiscal year 2020/2021.
The Ministry of Finance and Development Planning (MFDP) on July 15 submitted the National Budget for Fiscal Year 2020/2021 to the National Legislature through House Speaker Bhofal Chambers.
The budget is in the tone of US$535,452,173 million.
Speaking at the opening of the hearings at the Capitol Building on Monday, Deputy Finance Minister for Fiscal Affairs, Samora Wolokolie, said “actual revenue to be mobilized domestically is an equivalent of US$407.1 million or 76% of the total resource envelop, while US$ 118 million or 24% constitutes external resources ».
Adding that, « 70% of domestic revenue is projected in actual US$ 285.3milion while the actual projection is US$ 122.1million.
Wolokolie indicated that the projected revenue carried forward is US$10 million, which constitutes 1.9% of the budget.
He also stated that the domestic revenue mobilization by the economic sector, revenue from the extractive sector, including Agriculture, Mining and Forestry, is US$56.9 million.
“Total forecast from other economic sectors include manufacturing sector that constitutes US$23.7 million; service sector that constitutes US$ 46.3 million; petroleum sector that constitutes US$65.4 million. General business, large importers of general merchandise of all kinds constitutes US$45.1 million, Public Cooperation and State-owned Enterprises constitutes US$20 million, » Wolokolie explained.
The revenue for external resources, which constitutes grants and loans, according to Wolokolie, is US$118 million, of which grant is US$47.5million and loan is US$70.5 million.