The Plenary of the Liberian Senate has concurred with the House of Representatives on the passage of the draft Restated 2022 National Budget in the total amount of US$806,587,341.00 (Eight Hundred Six Million Five Hundred Eight-Seven Thousand Three Hundred forty-one United States Dollars).
Plenary action was triggered by a report from the Joint Committee on Ways, Means, Finance & Budget as well as Public Accounts and Audits.
The concurrence of the budget was triggered by a budget hearing involving the Finance Ministry authority and the Liberia Revenue Authority who answered some unanswered questions on the various allocations.
The total revenue envelope for the proposed Restated Budget which was received by the Plenary of the Liberian Senate, was US$806,587,341.00 United States Dollars reflecting a net upward adjustment of US$20,000,001.00.
This amount according to the reports constitute 2.9 percent over the original approved budget of US$ 786,587,340.00. (Seven Hundred Eighty-Six Million Five Hundred Eighty-Seven Thousand Three Hundred Forty United States Dollars)
The extra fiscal space was yielded through internal reprioritization of existing programs, identifying additional resources, as well as a World Bank Loan of US$15,000,000.00 (Fifteen Million United States Dollars).