In a parliamentary address on Friday, November 10, 2023, Finance Minister Sheku Ahmed Fantamadi Bangura emphasized the need for strict adherence to the projects outlined in the 2024 budget by Ministries, Departments, and Agencies (MDAs).
The theme of the budget, “Restoring Macroeconomic Stability while Protecting the Poor and Vulnerable,” sets the tone for a strategic financial plan.
Minister Bangura stressed that MDAs play a crucial role in achieving the objectives of the ‘Big Five Game Changers’ and urged them to implement only agreed-upon policies, programs, and projects.
Providing an economic overview, he acknowledged the Sierra Leone economy’s resilience post-COVID-19 but noted a slowdown to 3.5 percent growth in 2022 and a projected 2.7 percent growth in 2023.
Despite fiscal constraints, Minister Bangura highlighted the government’s commitment to funding essential initiatives such as the Free Quality School Education (FQSE) Program and critical infrastructure projects. The total domestic revenue for the first half of 2023 reached NLe 166.4 million, with grants from development partners anticipated to reach NLe 3.7 billion in 2023, constituting 4.7 percent of GDP.
Key priorities outlined in the 2024 budget include improving public finance management, implementing effective monetary policies, and supporting the Feed Salone Programme for agricultural self-sufficiency. The Minister announced an increase in the government’s Wage Bill for 2024, attributing it to the recruitment of health workers, sub-vented agencies, military personnel, and educators, among others.
The budget aims to create fiscal space to finance the ‘Big Five Game Changers,’ including the Feed Salone Programme, with a focus on reducing debt levels, inflation, and stabilizing the exchange rate. Minister Bangura emphasized social safety nets and job creation initiatives to enhance the quality of life for vulnerable segments, addressing the high cost of living.
Projected total expenditure and net lending for 2024 stand at NLe 23.5 billion, with recurrent expenditure at NLe 16.5 billion and capital expenditure at NLe 7.1 billion. Significant allocations include NLe 1.1 billion to the agricultural sector (7.0 percent of total primary expenditure), NLe 3.0 billion to education (20.0 percent), and NLe 1.1 billion to health (7.0 percent). The budget also allocates funds to NaCSA for social safety nets and various projects in water, energy, roads, communications, and technology.
