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Tuesday, April 16, 2024

Parliament Enacts Fiscal Management Act

HomeAYV NewsParliament Enacts Fiscal Management Act

Parliament Enacts Fiscal Management Act

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Presenting the Bill prior to ratification, the Minister of State One in the Ministry of Finance and Economic Development (MoFED), Momoh Vandy, highlighted six government agencies in which money collected and received on behalf of the people of Sierra Leone should be directly paid into the government’s Consolidated Revenue Fund in order to help government secure the much needed resources to finance existing projects.

These agencies are the Petroleum Regulatory Agency, the Petroleum Directorate, the Road Maintenance Fund Administration, the Environmental Protection Agency, the National Telecommunications Commission and the Sierra Leone Maritime Administration.

Thus, the Minister said all monies held in the accounts of these agencies shall, with the coming into operation of this Act, be transferred into the Consolidated Fund.

In his contribution, the Chairman of the parliamentary Committee on Finance and Economic Development, Hon. Hassan Sheriff, appreciated the Bill, which he said will enhance efficiency by putting money in one place, whilst Hon. Rado Yokie pinpointed the importance of the single treasury account for the country. MPs who spoke on the bill, welcomed the initiative of government in tracking funds for the effective management of resources, but urged the Ministry of Finance to put mechanisms in place to address and control resources in the Banks.

In concluding the debate, the Leader of the House, Hon. Leonard Fofanah and the Acting Minority Leader, Hon. Sidi Tunis, commended the government for this initiative but pleaded with the Ministry of Finance to establish structures to address concomitant challenges.

In another engagement, Parliament has commenced deliberations on the Bill titled “The Revenue Administration Act 2017”. The Bill, when enacted will make provision for a common set of rules for the administration of revenue laws, to avoid repetition and promote consistency, by reconciling and unifying the administration of different revenue laws and collection of taxes and duties by the National Revenue Authority and for other related matters

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