Parliament has approved the 2026 Supplementary Budget presented by Finance Minister Sheku Ahmed Fantamadi Bangura to help Sierra Leone address the economic impact of rising global oil prices and the ongoing Middle East conflict.

Presenting the budget, themed “Strengthening Budget Credibility to Safeguard Macroeconomic Stability and Protect Livelihoods of Citizens,” the Minister said the revised fiscal framework was necessary following higher-than-projected international oil prices since March 2026. He explained that the surge in oil prices increased government spending through fuel subsidies introduced in April 2026 and additional support to EDSA for payments to Independent Power Producers.

Bangura also noted that revenue shortfalls experienced during the first half of the year are expected to continue due to lower demand for petroleum products and slowing economic activity, making it necessary to rationalise the domestic capital budget in line with the revised Public Investment Programme.

The Minister stressed that despite the current challenges, Sierra Leone entered 2026 with strong economic fundamentals after recording 4.8 percent economic growth in 2025, driven by agriculture, mining, manufacturing, and services. He also highlighted a significant decline in inflation to 4.4 percent in December 2025 from 13.8 percent a year earlier and 52.2 percent in 2023, attributing the improvement to prudent fiscal and monetary policies.

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Members of Parliament from both the ruling SLPP and the opposition APC commended the Government’s economic reforms but urged stronger domestic revenue mobilisation and prudent public spending.

The approved supplementary budget is expected to safeguard macroeconomic stability, strengthen fiscal credibility, and protect Sierra Leoneans from the effects of ongoing global economic pressures while sustaining recent economic gains.