A QUICK REVIEW OF THE APPROVED 2023 NATIONAL BUDGET

The national budget outlines how much money the government plans to generate and spend in a fiscal year. According to Section 65(1) of the Amendment and Restatement of the amended PFM Act of 2021, the Government of Liberia, through the Ministry of Finance and Development Planning, estimated an amount of US$782.94 million for the national budget for FY2O23, which marks the Second Beginning of a New Fiscal Period (January 1–December 31).

The government anticipates overall revenue of US782.94 million this year, with an anticipated US672.94 million coming from domestic resources and US110 million coming from external resources. Tax revenue, at US$553.61 million (82.26%), accounts for the majority of domestic revenue, mostly from income and profit taxes, foreign trade, and goods and services. Non-tax revenue is estimated to be US$119.33 million (17.73%), primarily from property income taxes.