Wednesday, March 22

Total Revenue in 2019 stands at 14.50Billion

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By Binta Jaiteh

The Government Audited Financial Statements for the year ended 31st December 2019 stands at 14.50Billion which was 56.73% of the 2019 budget resulting in a shortfall of D11.06 Billion of domestic debt revenues, Agnes Macaulay, the Accountant General told the lawmakers last week.

During the presentation of the report by the accountant to the Finance and Public Accounts Committee (FPAC), she said (tax and non-tax revenue excluding grants and loans that receipt yielded D11.80 billion against a combined target of D12.17 billion which was a performance of D96.99% when compared to the target.

 Accountant General Macaulay further submitted that the actual tax revenue was D10.66 billion which was above the year’s target by 3.3 % and the tax revenue contributed 9.30% of total domestic revenue, adding that non-tax revenue amounted to 1.15 billion during the fiscal year 2019 which was 61.86% of target and 9.70% of total domestic revenue.

According to her, grants received during the year through the Consolidated Revenue Fund Account were D2.70 Billion and it should be noted that some grants were received by the government but were disbursed directly into the bank accounts of the beneficiary agencies without going through the Consolidated Revenue Fund Account hence they could not be captured through the IFMIS but they are reported in the Statement of External Assistance Received.

She added that the transfer of other government entities amounted to 1.41 billion against a target of D1.54 billion whereas interest payments were D2.67 billion which was 13% below the target of D3.07 billion, and expenditures on social benefits amounted to D280 million which was 98% when compared to the target of D285.83 million.

However, she said the capital expenditures amounted to D892.83 million which was 84% when compared to the target of D1.06 billion while expenditure on other expenses amounted to D2.94 billion which was 97% compared to the target of 3.03 billion.