Legislators approve 2018 budget of D19.74B

Tuesday, December 19, 2017

Lawmakers of the National Assembly Friday have endorsed the 2018 budget estimate tabled by Amadou Sanneh, the minister of Finance and Economic Affairs who said that the total revenue and grants in 2018 was estimated at D19.74 billion (37.7 percent of GDP), compared with D11.91 billion budgeted for in 2017 (25.3 percent of GDP).

Minister Sanneh pointed out that it indicates a growth of 65.7 percent as a result of an unprecedented increase in grants inflows amounting to D10.2 billion compared with a budgeted sum of D3.2 billion in 2017.

On domestic resource mobilization, Mr. Sanneh told deputies that this was also estimated to improve with domestic revenue projected at D9.5 billion (18.2 percent of GDP) in 2018 compared to a budgeted figure of D8.7 billion (18.5 percent of GDP) in 2017, he said.

“Similarly, tax revenue is projected to increase to D8.5 billion in 2018 compared to D8.1 billion budgeted in 2017, this indicates a grow of 4.9 percent over the period under review.

He said in addition, non-tax revenue is also anticipated to show great improvement, with a budget of D1.0 billion (1.9 percent of GDP) in 2018, compared with a budget of D0.6 billion (1.3 percent of GDP) in 2017.

According to the Finance minister, the total expenditure and net lending is projected at D20.6 billion (39.47 percent of GDP) in 2018 from D12.4 billion budgeted in 2017, representing an increase of 66.1 percent, the bulk of which is budgeted for current expenditure.

Minister Sanneh further informed deputies that expenditure on personnel emolument is projected to decline from D2.6 billion in 2017 to D2.5 billion in 2018. Similarly, interest payment expenditure is estimated to decline to D2.3 billion (4.4 percent of GDP) in 2018 compared with D2.8 billion (5.9 percent of GDP) in 2017.

Capital expenditure on the other hand, is projected to increase to D6.0 billion (11.4 percent of GDP) in 2018 compared with a budget of 1.8 billion (3.8 percent of GDP).

Author: Njie Baldeh