AYV News, August 6, 2025
The All People’s Congress (APC) Party in Sierra Leone’s Parliament has expressed concern that the government’s heavy reliance on NASSIT and other revenue agencies could negatively impact pensioners and the broader economy.
Opposition Leader in Parliament, Hon. Abdul Kargbo, was speaking during debates on the approved 2025 Sub Appropriation Supplementary Act held in the Well of Parliament, where he criticised the government for using the supplementary budget as a disguised way to cut expenditures, urging caution against the continued use of concessional loans.
Hon. Kargbo said, “The budget fails to meet fiscal consolidation goals and represents austerity measures”, while appealing for efforts to stabilise the leones exchange rate.
He urged the government to reduce fuel prices in line with global trends and encouraged further cuts in government spending, especially on travel, to prioritise critical sectors.
Chairman of the Finance Committee, Hon. Francis Amara Kaisamba, praised the Minister of Finance for presenting the supplementary budget and commended the President’s economic policies. He highlighted achievements such as declining inflation and improved revenue collection efforts by the National Revenue Authority (NRA). Kaisamba emphasised that budget adjustments must always involve Parliament and called for the timely disbursement of funds to ministries and agencies.
Minister of Finance, Sheku Ahmed Fantamadi Bangura, presented the supplementary budget, explaining that changes in both domestic and global economic conditions necessitated revisions to the original 2025 budget. He noted significant improvements, including lower inflation rates, a stronger exchange rate, and reduced Treasury bill rates, which warranted a recalibration of revenue and expenditure forecasts.
Despite positive developments, the Minister warned of ongoing global economic uncertainties such as tariff hikes, conflicts, reduced aid, and tightening financing conditions. These risks require prudent fiscal management to maintain macroeconomic stability and reduce debt accumulation.
The Supplementary Budget aims to lower the budget deficit from 3.9% to 3.8% of GDP and reduce government borrowing, particularly from the banking sector, supporting efforts to contain inflation and stabilise the leone.
Highlighting key economic indicators, the Minister reported inflation dropping from 54.5% in October 2023 to 7.1% in June 2025, alongside improved export values and a narrowed trade deficit.
The Supplementary Appropriation Act 2025 authorizes revised government spending of 14.46 billion leones for the second half of 2025, down from the original budget’s 27.7 billion leones, reflecting a downward revision of 871 million leones.
Concluding the debate, Leader of Government Business Hon. Mathew Sahr Nyuma thanked Parliament members for their contributions and reiterated the government’s commitment to reducing inflation and addressing debt challenges. He noted that current debt repayments largely relate to obligations inherited from the previous administration.
