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The long awaited 2014/2015 budget has been passed by the National Legislature.
The budget which is in the sum of US$660,236,000 million was passed by the House of Representatives on Thursday and endorsed by the Senate the same day.
In its report, the House's joint Committee on Ways, Means and Finance and Public Accounts said after scrutinizing the budget, it was ready for passage.
The Committee said the budget initial enveloped was in the amount of US$473,252,000 and additional revenue generated from budget hearing amounted to US$7,47,000.
According to the Committee, grant Code accounts for US$24 million, grant contingent US$50,300,000, while borrowing Code accounts for US$70,637,000.
The Committee told plenary that borrowing contingent amounted to US$10 million, signature bonus fees for blocks 6, 7, 16 and 17 accounts for 25 million to the budget, amounting to US$660,236,000 for the country's total adjusted budget fiscal year 2014/2015.
The committee said budget screening was carried out in consultation with the Ministry of Finance and Development Planning, Liberia Revenue Authority and other major stakeholders as mandated by the House of Representatives.
The budget is slightly increased as compared to the fiscal year 2013/2014 which was in the sum of US$582.931.
Speaking during a special session for the passage of the Budget, the Chairman of the House Committee on Ways, Means and Finance, Emmanuel J. Nuquay said an additional US$29m was identified in the revenue component of the budget during its public hearings.
He said the additional US$29m revenue comprised contributions from taxes on motor vehicles, the National Oil Company of Liberia (NOCAL), the Liberia Telecommunication Authority (LTA) and the Liberia Petroleum Refining Company (LPRC), among others.
Rep. Nuquay said during the scrutiny process, the committee in consultation with the Executive Branch of Government prioritized key areas in the health, electricity, education, National Elections Commission including government resettlement Action Plan for the expansion of the Redlight-Ganta and the Red-light-Somalia Drive highways.
He said US$12.8 million was appropriated for the installation of heavy fuel oil generating plants in Montserrado County, while US$10m was appropriated toward the Mount Coffee Hydro project and US$3m was allotted to address the issue of health workers claims and medical supplies in the health sector, while US$1.2m was set aside as Government resettlement Action Plan fund.