By Binta Jaiteh
The Minister of Finance and Economic Affairs has last week tabled the estimate budget of 2022 revenues, recurrent revenue and development expenditures before the National Assembly for scrutiny, debate and approval.
Speaking during the presentation of the estimate budget, Honorable Mambureh Njie told lawmakers that “the 2022 budget being presented to this august assembly symbolizes our collective commitment as a nation to three critical development pathways.”
According to him, the budget signals renewed commitment on ongoing reforms and it aimed at not only greater fiscal discipline and transparency but development results.
He cited section 152(1) of the 1997 constitution which states that His Excellency the president is required to instruct the Minister of Finance to prepare and submit to the MPs at least 30 days before the end of the financial year.
“(The) Government reaffirms its commitment to innovative development financing which will be additionally joined at the hip with investment in both the social and economic sectors,” he added.
The total Revenue and Grants in 2022 is projected to reach D29.87 billion, which represents a growth of 16 % compared to 2021 figure of D25.76 billion. The increment it mainly attributed to Project Grants, Tax and Non-Tax revenue.
“Project grants are envisaged to reach D9.7 billion in 2022 compared to D7.8 billion in 2021. Meanwhile total revenue is projected to reach D13.9 billion in 2022 which a 14 % increase compared to D12.2 billion in 2021 respectively. And total Expenditure and New-lending is projected to D31.75 billion in 2021 to D32.15billion in 2022, representing a growth of 1 %,” he explained.
However, he said the country’s coronavirus may linger to next year despite major strides in the attainment of global vaccination rates.
“The pandemic and measures imposed to curb its spread diminished revenues and income, increased expenditures on already pressured social sectors like health, education and reduced or halted economic activities in many productive sectors vulnerable older people with disabilities and those with pre-existing health conditions,” he said.
He said the industry sector is not expected to register the same growth rate of 9.9 % in 2021 like 2020, adding, this is attributed to the lingering impact of COVID-19 on construction including the PIC infrastructure related projects.
The growth in this sector is mainly driven by modest performances in most of its sub-component such as the wholesale and retail trade and other sub-components include information and communication; financial and insurance activities professionals and technical activities with education, he said.
