The management team of the National Road Fund (NRF) last week thrilled members of the National Legislature, particularly the Senate when the NRF presented its comprehensive performance and financial reports to the joint budget committee of the 54th Legislature at the ongoing budget hearing.
Making the entity (NRF) executive financial summary report which highlighted the total amount expended for road and related works in each of the fifteen counties to members of the Budget Committee gave the total breakdown on how each of the counties benefitted from the US$24,979,655.38 from the 2022 annual road maintenance program.
Being accountable for public funds received, held, and expended, during his presentation, the Chief Executive Officer of NRF, Boniface Satu told members of the Budget Committee that the executive financial summary provides commentary and analysis of the cash receipts and payments as well as financial performance of his entity for the year ended 31st December 2022 and of its financial position as at that date.
He told members of the Committee that the reported also include ongoing project schedule, Completed Projects and Interim Payments Certificates Payments Request from Ministry of Public Works FY December 31, 2022, and also informed them that at the onset of the fiscal period FY2022, the National Legislature appropriated a total of US$26,300,000.00. During the period under review, no supplemental budget was provided for the said period FY2022.
Giving the Revenue Summary, the NRF boss said total bank balances brought forward from Special Budget Year 2021 was US$2,038,028.15. The total amount for road maintenance fees transferred to the NRF Escrow Accounts at the Central Bank of Liberia by the Ministry of Finance & Development Planning was US$26,945,442.77 and the total collections by Liberia Revenue Authority (LRA) was USD Equivalent $23,635,584.00. The difference in collections versus remittance is on account of outstanding fuel levies of US$4 million remitted to the NRF from special budget year, 2021.
The NRF noted that of these amounts, the National Road Fund (NRF) expended a total of US$28,710,799.76. The total amount expended on capital expenditure was US$26,215,934.26, US$649,458.76 on employee’s compensations, US$404,963.97 expended on goods and services; and US$345,000 was transferred to the Ministry of Public Works.
The report also said, the total authorized appropriation received as fuel levies from road maintenance fees transferred from the Consolidated Accounts by the Ministry of Finance and Development Planning (MFDP) to the National Road Fund Escrow Accounts at the Central Bank of Liberia during the year ended 31st December 2022 was US$26,945,442.77.
The report further noted that the Annual Budget approved by the National Legislature signed by the President of the Republic of Liberia was US$26,300,000. When comparing the budget year-to-date for the year ended 31st December 2022, LRA collected US$23,635,584.00 representing revenue budget performance of 89%.
According to our Legislative Reporter assigned at the Capitol Building, said following the presentation by the team of the National Road Fund (NRF) headed by its Chief Executive Officer, Mr. Boniface Satu members of the Budget Committee appeared excited of the level of commitment being exhibited through financial transparency must be appreciated.
With such information gathered by the GNN, this truly demonstrate the high level of transparency and accountability been showing at the NRF, must be lauded by all individuals and institutions of integrity.
