The Speaker of the House of Representatives, Richard Nagbe Koon, has formally received a proposed US$45 million supplementary budget President Joseph Nyuma Boakai submitted for legislative scrutiny.
Deputy Finance Minister for Fiscal Affairs, Anthony Myers submitted the supplementary budget on Monday, April 13, which members of the House will go thorough for scrutiny.
In his communication to the Speaker, Pres. Boakai said, the proposed adjustment is in line with Section 23.1 of Public Financial Management Act. He cited the need to incorporate additional revenues identified during the fiscal period.
The supplementary budget covers January 1 to December 31, 2026. Of the total amount, US$40 million, representing 89 percent, is derived from delayed fiscal year 2025 budget support from the World Bank, while US$5 million, or 11 percent, comes from domestic revenue overperformance.
Pres. Boakai noted that the utilization of prior-year external resources reflects improved domestic revenue mobilization and strengthened tax administration, adding that government has largely met its expenditure obligations through internally generated funds.
“If approved, the supplementary budget will increase the national budget from US$1.2497 billion to US$1.2947 billion. Domestic revenue will constitute 91.3 percent of the revised budget, amounting to US$1.1827 billion, while external resources will account for 8.7 percent, totaling US$112 million.”
On the expenditure side, US$28.9 million, or 64.3 percent, is allocated for recurrent spending, while US$16.1 million, representing 35.7 percent, is earmarked for the Public Sector Investment Plan.