The decision was taken Tuesday, 20 September during the 6th day sitting of the Extraordinary Sitting of the 5th Session based on recommendations contained in a report to the Honorable Body.
The National Budget was passed in the amount of six hundred million, two hundred three thousand, six hundred seventy-four (600,203,674.00) United States Dollars.
On May 14, 2016, the Executive submitted the sum of five hundred fifty million, nine hundred ninety-two thousand, five hundred ninety-eight (550,992,598.00) United States Dollars in for Legislative approval.
After weeks of indoor and public scrutiny of both the revenue and expenditure components of the Draft National Budget by the Specialized Technical Committee along with the relevant line Ministries and Agencies, over forty six million (46,000,000.00) was identified as additional and unencumbered revenue.
This amount according to the Technical Committee was undercut by the removal of One Million Nine Hundred Two Thousand United States Dollars (1,902,000.00) from the draft budget on account of uncertainty surrounding adjusted tax revenue.
These adjustments therefore according to the Committee ensured a net effect in terms of additional and unencumbered revenue of over 44 Million United States Dollars (44,211,076.00)in both core and contingent revenue, thus bringing the total adjusted revenue for Fiscal Year 2016/17 to Six Hundred Million, Two Hundred Three Thousand, Six Hundred Seventy-Four United States Dollars (600,203,674.00), which if converted to Liberian dollars would amount to Fifty Seven Billion, Three Hundred Nineteen Million, Four Hundred Fifty Thousand, Eight Hundred Fifty Thousand, Six Hundred Sixty-Seven Liberian Dollars (57,319,450,867.00) at the exchange rate of L$ 95.5 to US$1.00.
Public Infra-structural, health, security and education are key areas of appropriations in the approved budget.