By zainab.joaque@awokonewspaper.sl
Freetown, SIERRA LEONE – Finance Minister Sheku Fantamadi Bangura has reaffirmed the government’s commitment to allocate at least 10% of the fiscal year 2025 budget to agriculture. He emphasized that these funds will be delivered punctually to align with the planting season.
Minister Bangura urged his colleagues to take full ownership of their ministry’s budget strategy and ensure that they approve their estimates. He stressed that expenditure will be aligned with the “Big Five” priorities and the “Feed Sierra Leone” initiative.
“Timely funding is crucial for the success of essential programs,” Minister Bangura stated. “We recognize the challenge of delays and have identified six key ecological areas to support, particularly focusing on our smallholder farmers. We will continue policies that ensure these farmers have access to necessary inputs, whether through e-vouchers or other capital access methods.”
The Finance Ministry is also exploring innovative financing solutions for the agricultural sector, including insurance schemes and an Agricultural Fund, in collaboration with the Ministry of Agriculture.
Minister Bangura acknowledged that recent high security-related expenditures have been a significant budgetary burden. Events such as strikes, security threats, and governance issues have driven up costs. “Adjusting the budget to address peace and social stability is crucial for our progress. We must effectively manage these issues to maintain the peace we currently enjoy,” he said.
He also noted concerns about ministries, departments, and agencies (MDAs) submitting expenditure requests not included in the budget, leading to deviations from set priorities. “To encourage adherence to the budget, we must be clear that expenditures not included in the budget and not appropriated will not be funded,” he emphasized.
When ministries have sought budget enhancements, it has often been due to their engagement with the Public Accounts Committee in Parliament. “We prefer ministries to seek appropriations through proper channels rather than resorting to supplementary budgets. We need to minimize extra-budgetary expenditures,” he added.
Regarding salary adjustments and promotions that were not budgeted for, Minister Bangura highlighted that such requests have caused overruns in the wage bill. He noted that the Wages and Compensation Commission (WCC) will need about two years to complete its review on wage adjustments. “Adjustments not approved before the budget or planning process will not be sanctioned,” he said.
On debt service, Minister Bangura reaffirmed Sierra Leone’s commitment to maintaining fiscal responsibility. “We cannot afford to default on our debts. Sierra Leone has never defaulted, and under our stewardship, we will ensure that this record remains intact. We will honour our obligations, even in challenging circumstances.”
The policies being implemented aim to enhance revenue mobilization and maintain control over the capital budget. As echoed by the Minister of Development, there is a clear need for a robust governance framework and bankable projects. “We must avoid unnecessary approvals and rationalize the existing Public Investment Program (PIP). I encourage everyone to support this process to strengthen budget control and credibility,” Minister Bangura concluded. ZIJ/19/8/2024
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