The budget session for the 2024 financial year has finally come to an end. It commenced with the presentation of income and expenditure by the Minister of Finance and Economic Affairs which had to be considered and approved by the National Assembly within 14 days. The approval of the estimates is followed by the presentation of an Appropriation Bill incorporating the sums approved as estimates so that it could be passed into law by the National Assembly on Tuesday, 12th December, 2023.
The National Assembly which is required to consider and pass the Appropriation Bill within seven days did pass the Bill. Now it is to be assented to and published in the Gazette by the President to empower the state to collect and spend 29,221 million dalasi in 2024.
It is important to point out that while 4,194 million dalasi, 2,323 million dalasi, 844 million dalasi and 122 million dalasi are allocated to education, health, agriculture and youth and sport respectively, the sum of 7,500 million dalasi is allocated for debt service. Hence the country is spending more on servicing on debts than it is spending on education, health and sports combined.
It is clear that the loans being taken to build infrastructure may be presented as achievement by a government but in the long run they will come back to erode the capacity of government to maintain its schools and hospitals, youths, agricultural services. Developmental priorities are key to the eradication of poverty. A thorough analysis of the budget and the developmental priorities of the government should precede the presentation of the Appropriation Bill in the form of a budget speech. This was done on Friday, 8th December, 2023. It is now up to Gambians to rely on the evidence given during the budget session to determine the state of Gambian economy and its future prospect.
