IPNEWS: The Ways, Means, and Finance Committee has released its preliminary report on the revenue component of the Draft FY2026 National Budget. The committee examined revenue forecasts, presentations from key agencies and State-Owned Enterprises, and major policy gaps.
The Government revenue for FY2026 is projected at 1.2 billion US dollars—36 percent higher than the approved FY2025 budget. Domestic revenue is expected to contribute 1.11 billion, while external sources should bring in 72 million. As of November 17 this year, government collections totaled 719 million, leaving 160 million still outstanding.
According to the report, key agencies reported mixed performances. The Finance Ministry and the Liberia Revenue Authority proposed new tax laws and suggested transferring weak SOE revenue streams to the LRA. The Assets Recovery Fund remains uncertain despite a 10-million-dollar projection.
The committee in its report cited inconsistencies in the Liberia Petroleum Refining Company’s figures and ordered the company to submit missing financial statements. The Liberia Maritime Authority is on track to meet its 14-million-dollar target, but the committee rejected calls to increase the assessment due to global shipping risks. The National Port Authority and several other SOEs submitted incomplete reports and were told to refile their documents.
The report warns that meeting the 2026 revenue target will be difficult without stronger enforcement, better compliance, and reforms within underperforming SOEs. It calls for urgent tax legislation, stricter accountability, and penalties for inaccurate or late financial reports.
The committee also flagged unrealistic assessments for the LPRC, NPA, NAFAA, LTA, LIMA and the Road Fund. It noted that the Lottery Authority and Immigration Services could raise more revenue than currently projected. New oil and energy agreements.
