MONROVIA – The House of Representatives convened its first Quarterly Budget Performance Hearing today, led by the Committee on Ways, Means, Finance, and Development Planning, in alignment with its statutory obligations under the Public Financial Management (PFM) Law and the 2025 National Budget Law.
At the forefront of the hearing, Rep. P. Mike Jury, Chairman of the Ways, Means, and Finance Committee, emphasized the importance of the national budget as a “financial document of reality” that must serve as a “tool for transformation,” measurable by the quality of services delivered to the Liberian populace.
He expressed a firm commitment to collaborating with the Executive Branch to develop a national budget that exceeds the one-billion-dollar mark.
Rep. Jury discussed the continued challenges of revenue leakages stemming from inefficiencies, billing errors, tax evasion, and mismanagement, which he deemed detrimental to Liberia’s fiscal potential.
He underscored that addressing these issues is crucial for maintaining financial discipline and promoting effective budget execution.
The 2025 National Budget Law introduces significant fiscal provisions aimed at improving transparency and bolstering institutional compliance:
Mandatory Deposits: Section 4 of the law requires all internally generated funds (IGFs) to be deposited into the Consolidated Fund Account. Spending entities must submit detailed monthly and quarterly reports on these funds.
Quarterly Reporting Requirements: All expenditure and revenue-generating agencies are obligated to provide comprehensive expenditure reports to the Legislature by the 15th day following the closure of each quarter, with the final quarter report due by January 31, 2026.
Revenue Administration Oversight: The Liberia Revenue Authority (LRA) is charged with ensuring timely tax collections and managing arrears from State-Owned Enterprises (SOEs), alongside remittances in accordance with established agreements.
Sectoral Allocations: Specific provisions allow the Liberia Immigration Service (LIS) to retain 5% of revenue from visa and residence permit services for better service delivery. Likewise, the Liberia Telecommunication Authority (LTA) may allocate up to 8% of its revenue for national ICT and digital transformation initiatives.
SOE Monitoring and Debt Management: The Bureau of State Enterprises (BSE) is designated to conduct monthly oversight of all SOEs and manage a debt vetting process focusing on collectible and uncollectible debts. Additionally, the LRA will have viewing and garnishment rights over the internal revenue accounts of all revenue-generating entities, including SOEs.
As this inaugural hearing lays the groundwork for fiscal transparency for the forthcoming year, the Committee urges collaboration among legislators, government agencies, civil society, the media, and the general public.
Constructive suggestions concerning legal and procedural reforms aimed at enhancing the performance hearing process are welcomed in a collective effort to improve the welfare of the Liberian people.
This event represents a proactive step towards fostering fiscal accountability and transparency in Liberia’s governance framework, as the 2025 budget cycle commences.
The Ministry of Finance and Development Planning, alongside the Liberia Revenue Authority, continue to advocate for reforms that align with the nation’s growth objectives.
