By By: Staff Writer
CAPITOL HILL — The House of Representatives has approved Liberia’s 2026 national budget, endorsing a spending package of LRD 247.8 billion—approximately US$1.249 billion—during a late-night vote on Thursday that followed hours of deliberation and a detailed report from the Joint Committee on Ways, Means, Finance, and the Public Accounts Committee.
The decision came after Grand Gedeh District #1 Representative Jeremiah Garwo Sokan introduced the motion for passage, which was immediately seconded and supported without hesitation. Lawmakers voted 42 in favor and two against, with no abstentions, marking one of the most consequential budget approvals of the legislative year.
The Joint Committee reported that it had completed a comprehensive review of the draft budget before recommending its passage. It confirmed the fiscal size at LRD 247,886,866,647.44, equivalent to US$1,249,665,191.15, using the Central Bank of Liberia’s average exchange rate of LRD 198.3 to US$1. The committee added that actual disbursements throughout the year would align with the Central Bank’s monthly market rate.
While the majority of lawmakers supported the bill, Representatives Musa Hassan Bility and Frank Saah Foko voted against it. Bility argued that several revenue projections lacked realistic backing and could lead to “serious fiscal strain during execution.” Foko raised concerns about persistent weaknesses in financial reporting, reconciliation, and oversight of state-owned enterprises, insisting that “accountability must come before approval, not after.” Their dissent, though symbolic, highlighted ongoing frustrations within the Legislature over transparency in public financial management.
The fiscal framework adopted by the House includes adjusted revenue of US$1.249 billion, core revenue and expenditure of US$993.46 million, and contingent revenue and expenditure amounting to US$256.2 million. The committee reaffirmed the legal requirement for all tax revenues and government fees to be deposited into the Consolidated Fund Account.
The 2026 Budget Act also carries a series of policy directives aimed at improving governance and strengthening domestic revenue mobilization. These measures include mandatory monthly deductions of the ECOWAS Levy, reconciliation of transitory accounts, limited revenue retention for the Liberia Immigration Service, Ministry of Labor, and Liberia Telecommunications Authority, and quarterly financial and performance reporting by ministries, agencies, and state-owned enterprises.
The Act further prohibits adding names to the government payroll without approval from the Ministry of Finance and Development Planning, requires the enforcement of the US$0.30 Road Fund levy on petroleum imports, and mandates the prompt transfer of Social Development Funds to counties. It also reserves at least 25% of government procurement for Liberian-owned businesses and supports revenue-sharing arrangements for excess real property taxes between central and local governments.
House Speaker Richard Nagbe Koon praised the Joint Committee for what he described as a rigorous and exhaustive budget review process. He emphasized that the budget’s timely passage allows ministries and agencies to prepare for the upcoming fiscal year without administrative delays. Several lawmakers added that the structural reforms embedded in the budget could enhance revenue performance and deepen fiscal discipline if properly implemented.
With the House’s approval secured, the budget now proceeds to the Liberian Senate for concurrence. Once passed by the upper chamber and printed into handbill, it will become the official financial guide for the period of January 1 to December 31, 2026.
Courtesy to The Liberian Investigator
