Minister of Finance, Sheku Ahmed Fantamadi Bangura, on Friday 10/11/2023 presented the Bill entitled “The Appropriation Act, 2024”, to Parliament, on the theme, “Restoring Macroeconomic Stability While Protecting the Poor and the Vulnerable”.
The event attracted several important personalities including Ministers of Government, international partners, professional heads of Government institutions, the media, and members of the Civil Society Groups. The Bill seeks to authorize expenditure from the consolidated fund for the services of Sierra Leone for the year 2024 and other related matters.
Presenting the budget, the Minister said the last two years had been challenging for policymakers around the world, taking into consideration the external shock on economic factors. He said global inflation is very high due to the Ukraine/Russia war, and went on to highlight the urgent economic challenges around the world. The Minister said that despite the economic challenges, the Government projects are ongoing, with support from international partners, adding that there is a need to improve micro-economic policies to cushion the suffering of the people. The Minister informed Parliament that, revenue collected for 2023 was over 4.6 billion leones, and underscored that the amount is below the threshold expected by the Government, due to other internal and external factors. The Finance Minister said the Policy priority for the 2024 budget among others, will seek to manage public finances, reduce inflation, support the Feed Salone Project, consolidate human capital development, support private sector development, and create infrastructural development.
In addition to addressing fiscal discipline, the Minister said prudent domestic management and internal revenue management for the nation have been put in place, underscoring that the Government would implement tax policy, adjust GST tax registration, and other taxes on iron rods, cement, rice, and others. To improve the Wage Bill, the Minister said the Wages and Compensation Commission has to be established to address the Wage Bill to outline factors to match up with expenditures from MDAs. He said the 2024 Budget would focus strongly on agricultural activities to achieve the President’s Agenda on the project “Feed Salone”. He also said on education, that the Government will continue to improve and support the educational sector plan, and the Student Loan Scheme and also implement and improve the Kono University.
On health-related matters, the Minister said the Free Healthcare Project and all outstanding health-related projects would be implemented. On the transport sector, the Minister informed Parliament that, in 2024, the transport industry would be providing 100 buses for the People of Sierra Leone. He also said civil servant salaries from grades 1 to 6 would be addressed and increased by January 2024.
On infrastructural development, the Minister said major roads and bridges would be constructed. He also said seven district towns would be revitalised for electricity supply. On the water sector, he said 6 districts would benefit from pipe-borne water supply from SALWACO. On Youth Employment Programs, he said the Government would continue to support the youth in fishery programs, youth in agriculture, and youth in transportation. He announced a 15% increment in salary for teachers and that they will also recruit 2000 teachers; recruitment for the military, fire force, and nurses amongst others.
The minister disclosed that with the commencement of the fiscal year 2024, the least civil servant would be receiving one thousand leones as monthly salary (new leone ).
In conclusion, the Minister said the projected increase in economic activities, and domestic revenue for the financial year 2024 is estimated at Twenty One Billion Four Hundred and Sixty Two Million Seven Hundred and Sixty Seven Thousand Eight Hundred Leones. The Minister commended the President and the Vice President for improving the welfare of the people and went on to commend International partners for supporting Sierra Leone in the areas of financial support and management.
