As part the Government’s Open Budget process, the Ministry of Finance through the Department of Budget has released the first midyear budget performance report which includes the Revenue and Expenditure performance in the fiscal year 2012/13 national budget.
Revenue performance during the first half of the fiscal year has been strong. Total revenue collected at 31st December 2012 is US$246.2m, against a projection of US$228.8m. This is US$31.6m, or 15%, more than collection during the same period in FY11/12.
Tax revenues are on target, with collection of US$183.94m against a projection of US$183.19m, constitute 75% of total revenue. This represents a significant increase in tax revenues from FY11/12, where US$155.79m was collected during the same period.
The Ministry of Finance discloses the actual tax revenue receipt is US$183m, non –tax revenue as US$29.6m, direct budget support as US$15m in and contingent revenues as US$17.5.
The Ministry says of the total amount of revenue received by Government, the Department of Revenue collected US$225m; Liberia Maritime Authority collected US$12.4m, while the remaining US$8.4m was collected by sector ministries against their ministries projected amount of US$6.8m for the reporting period.
During the reporting period, the Government of Liberia received US$5m and US$1m respectively from the National Oil Company of Liberia and the Liberia Petroleum Refining Company as installment payments against their total annual contributions to the FY12/13 National Budget.
Meanwhile, the Ministry of Finance says it has disbursed out of the US$672m annual appropriation the sum of US$224.4m to eleven Medium Term Expenditure Framework (MTEF) sectors for the same reporting period of July-December 31, 2012.
The Ministry says the Public Administration sector received the highest disbursement amounting to US$62m, followed by Education sector at US$36m and Security and Rule of Law at US$33m. Other sectors including Health, Infrastructure and Basic Social Services received the amount of US$27m and US$20.7m respectively.
The amount of US$187m was spent on recurrent expenditure and US$37.4m on Public Sector Investment Plan (PSIP) for the period covering the middle of the fiscal year 2012/2013. The total expenditure from the PSIP included the disbursement of US$8.1m on energy, of which US$5m for the Heavy Fuel Oil Thermal Plant (HFO), and US$3.1m toward the rehabilitation of the Mount Coffee Hydro plant.
The PSIP expenditures also cover the disbursement of US$15.2m toward the rehabilitation of Roads and Bridges around the country and US$1.1m toward Liberia Water and Sewer Corporation (LWSC) projects.
Director, Media Services (MoF)