The Accountant General has disclosed that Sierra Leone’s government consolidated revenue experienced a robust surge of 16.7%, reaching NLe 2.9 billion (SLE 2,897,870) in the third quarter of 2023.

Domestic revenue took the lion’s share at 84%, while consolidated grant revenue constituted 16%, according to the recently published Quarterly Fiscal Report of the Central Government.

The National Revenue Authority (NRA) played a significant role, collecting NLe 2.4 billion (SLE 2,433,418) as domestic revenue, while NLe 464 million (SLE 464,452) represented grants from Development Partners.

The noteworthy 16.7% increase in consolidated revenue is attributed to an enhanced grant receipt, rising from 1% in the second quarter of 2023 to 16% in the third quarter. The report also indicated improvements in four tax handles during this period.

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Tax Income, Profits & Capital Gains held the top spot among sectors with the highest tax remittance in the quarter, contributing NLe 981 million or 40% of total domestic revenue. Following closely was the Goods and Services Tax (GST) with NLe 568 million (SLE 568,481) or 23%.

Data reported by the Accountant General’s Department and reviewed by Awoko revealed a substantial 26.7% increase in domestic revenue compared to the corresponding period in 2022, amounting to NLe 2,444,156.

A detailed breakdown from the report indicated improvements in Tax Income, Profits & Capital Gains, GST, Customs and Excise Income, and Taxes on International Trade and Transport. However, there was a drop in revenue from property income, compulsory licenses, tax fees, TSA Revenue, other taxes and non-tax revenue, and Admin. Fees & Charges.

Customs and Excise Income accounted for NLe 58 million (SLE 58,580) or 2%, Taxes on International Trade and Transport represented SLE 339,253 thousand or 14%, TSA revenue was SLE 277,881 thousand or 11%, and other taxes and non-tax revenue amounted to SLE 167,309 thousand or 7% of domestic revenue.

In the quarter ending September 30, 2023, government expenditure stood at NLe 5.1 billion (SLE 5,146,784). The report highlighted operating expenses, encompassing finance costs for both domestic and external debt, arrears payments, and loan amortization.

A sectoral breakdown showed that operating expenses amounted to NLe 4.7 billion (SLE 4,665,579). Wages and salaries accounted for NLe 1.2 billion (SLE 1,182,338), while NLe 256 million (SLE 256,730) was allocated to social security and employee benefits. Non-Salary, Non-Interest Recurrent Expenditure received NLe 1.0 billion (SLE 1,031,651), and Current Transfers amounted to NLe 1.3 billion (SLE 1,321,043). Capital Expenditure and Transfers, including interest on external debt, totalled SLE 873,817 thousand.

Finance costs included SLE 635,259 thousand for domestic interest and SLE 79,640 thousand for foreign interest. External grant receipts by projects during the period were SLE 18,634 thousand, while domestically generated revenue by agencies amounted to SLE 10,738 thousand. The total revenue from projects and sub-vented agencies stood at SLE 29,373 thousand.