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Tuesday, November 29, 2022

Government Records Over Le5Bn on Minerals

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Government Records Over Le5Bn on Minerals

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A Report from the Ministry of Finance revealed that revenue from the Mines and Minerals Sector in Sierra Leone increased by over 100% in 2021.

‘Mineral resources revenues increased by over 100% from the previous year, equivalent to Le265.2 billion and 90% above the budgeted target of Le275.4 billion,” the Report states.

The Report further stated that government recorded 523.2 Billion Leones in Mineral Revenues which is about 7% of the total revenue collected by government.

That other revenue such as Fisheries fell slightly by 2% but was above the targeted amount for the fiscal year by 31%, pointing out that. Department receipts and road user charge had an increased by 40% and 88% respectively which were also above the budget of Le 824.2 by 57% for other departments and by 70% to road user charge.

The increment is mainly as by 2% but result of the recovery of business from Covid-19 pandemic shocks.

“Income tax revenue contributed Le2.430.6 billion or 33% of the total domestic revenue for the financial year, whereas Goods and Services Tax (GST) revenue amounted to Le1,213.0 billion or 16% of total domestic revenue. Customs and Excise (C and E) receipts Le1,564.0 billion or 21% and mineral revenues Le523.2 billion or 7% of total domestic revenue respectively. Fisheries revenue accounted for Le211.8 billion which is 3% of total domestic revenue” the Report states.

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