Finance Minister Presents 2025 Supplementary Budget to Parliament, Focuses on Fiscal Discipline and Economic Stability
The Minister of Finance, Sheku Ahmed Fantamadi Bangura, has on Tuesday 29th July, 2025 laid before Parliament the Supplementary Appropriation Act 2025, seeking legislative approval to revise the national budget in response to recent macroeconomic and fiscal developments. The budget was presented in the Chamber of Parliament at Tower Hill, Freetown.
Addressing Parliament, Minister Bangura emphasized that the revised budget is necessary due to significant improvements in macroeconomic conditions, challenges posed by global uncertainties, and a shortfall in domestic revenue. He cited a drop in inflation from 54.5% in late 2023 to 7.1% in June 2025 and a stronger exchange rate, which have rendered earlier budget assumptions outdated.
Despite this positive trajectory, the Finance Minister noted external challenges including declining aid, geopolitical conflicts, and tighter global financing conditions, all of which pose a risk to economic stability. In response, the theme of the revised budget, Fiscal Consolidation and Budget Credibility to Sustain Macroeconomic Stability reflects the government’s commitment to prudent spending and credible fiscal planning.
Minister Bangura announced a downward revision of domestic revenue projections from NLe18.9 billion to NLe17.9 billion due to weak compliance with the Goods and Services Tax (GST). To meet the revised revenue targets, the National Revenue Authority will implement robust administrative measures such as expanding the use of Electronic Cash Registers, enforcing Minimum Alternate Tax (MAT), improving petroleum excise duty assessments, and addressing tax evasion in the mining and energy sectors.
On the expenditure side, the total budget has been revised downward from NLe35 billion to NLe31.3 billion. While recurrent spending has slightly increased due to rising subsidies and interest payments, domestically funded capital expenditure has been slashed. The government has also set up a Ministerial Committee to prioritize capital projects and is working with the World Bank to improve project selection and costing in infrastructure sectors like roads, energy, and water.
A significant portion of the speech was dedicated to addressing Sierra Leone’s growing debt burden. Debt service payments now account for 50% of domestic revenue, limiting fiscal flexibility. In response, the Minister announced plans to reduce weekly domestic borrowing, issue longer-term Treasury bonds, engage institutional investors such as NASSIT, and seek more concessional loans and grants from development partners.
In line with Section 112(3) of the 1991 Constitution and Section 42(1)(a) of the Public Financial Management Act of 2016, the presentation of the Supplementary Budget underscores the constitutional responsibility of Parliament to scrutinize and authorize changes in government spending. The budget speech serves not only as a fiscal roadmap but also a tool for transparency and public accountability.
Minister Bangura concluded by thanking President Julius Maada Bio for his leadership, fellow Cabinet members, the Bank of Sierra Leone, the National Revenue Authority, and development partners for their continued support. He reaffirmed the government’s commitment to fiscal discipline, economic stability, and improved service delivery.
“This Supplementary Budget is expected to consolidate macroeconomic stability, boost investor confidence, and create the fiscal space for priority spending,” the Minister stated, before formally commending the revised budget to the House for approval.
