Finance Minister Sheku Ahmed Fantamadi Bangura has unveiled the 2025 budget, outlining a total expenditure of NLe35.3 billion, representing 18.3% of Sierra Leone’s GDP. Presented in Parliament on November 15, 2024, the budget focuses on stabilizing the economy and enhancing the well-being of Sierra Leoneans under the theme: “Improving the Well-Being and Quality of Life of Sierra Leoneans.”
Key Highlights:
- Revenue Generation: Domestic revenue is projected at NLe18.9 billion (9.8% of GDP), supported by planned tax reforms and economic recovery efforts.
- Spending Priorities: Recurrent expenditures are set at NLe22.1 billion (11.4% of GDP), while capital expenditures, including net lending, total NLe13.0 billion (6.7% of GDP).
- Social Investments: Increased funding for education, healthcare, and social safety nets, prioritizing vulnerable populations.
- Infrastructure Development: Allocations for roads, energy, and water resource projects aim to drive economic growth and improve connectivity.
The budget aligns with Sierra Leone’s National Development Plan’s “BIG FIVE GAME CHANGERS,” focusing on initiatives like Feed Salone, Human Capital Development, and Youth Employment Scheme.
Minister Bangura emphasized fiscal discipline and domestic revenue mobilization, particularly in the mining sector, while addressing challenges like inflation, public debt, and global economic instability. The fiscal deficit, including grants, is projected at NLe7.5 billion (3.9% of GDP).
Acknowledging risks such as global uncertainties and climate change, Minister Bangura reaffirmed the government’s commitment to balancing growth with sustainable development for a brighter future.
