By Landing Colley
Mambury Njie, Minister for Finance and Economic Affairs has revealed that the total revenue and grant for 2021 is projected to reach D25.76 billion and that it embodies a minimal growth of five (5) percent over 2020 figure of D24.4billion.
He made the revelation on Thursday during the tabling of the estimate’s revenue, recurrent and development expenditures of the Gambia fiscal year 2021 before the lawmaker for consideration and approval.
“Total Revenue and grant in 2021 are projected to reach D25.76 billion (USD 498.3 million), which represents a minimal growth of 5 percent over the 2020 figure of D24.4 billion (USD471.9). The increment is mainly attributed to project grants expected to come from development partners, which is expected to reach D8.8 billion (USD 170.2) compared to D8.1 billion (USD 156.7) in 2020,” he said.
He added that: “the total tax revenue is projected to marginally increase by 5 percent to D12.2 billion (USD 235.9) compared to D11.6 billion (USD 24.8) in 2020, while non-tax revenue is projected to decrease by 23 percent to D1.53 billion (USD 29.59 million) compared to D2 billion (38, 6 million) in 2020.”
“The 2021 budget will factor budget support amounting to D3.2 billion (USD 61.9 million) from development partners, compared to D 2.7 billion (USD 52.2 million) in 2020.The total budget support expected from the European Union in 2021 is 13.5 million euros (D224.4 million) Where as an additional $7million (D135,396) is expected to come from the African Development Bank, and $20 (D386.8 million) from the World Bank.”
He said that the total Expenditure and Net-lending is projected to increase from D28.3 billion (USD 547.4million) in 2020 to D31.90 billion (USD 617million) in 2021 representing the growth of 12 percent, while Personnel Emolument (PE) expenditures are projected to also increase from D4.4billion (USD 85.1 million) in 2020 to D4.9 billion (USD 94.7 million) in 2021.
According to him, the increase in PE is as a result of an additional 2.000 teachers being recruited for the Ministry of Basic and Secondary Education, payment allowances to Election officers, as well as factoring yearly increments based on promotions.
Meanwhile he said “non-interest expenditure is estimated to expand 4 percent from D18.28billion (USD 353.5million) in 2020 to D18.97billion (USD366.9million) in 2021. This growth mainly stems from the social sectors (Health and Education in particular), transfers of agencies and expenses associated with the upcoming voter registration and presidential elections.”
“Capital expenditure is expenditure to register a growth of 88 percent to D4.9 billion (USD 94.7 million) in 2021 from D2.6 billion (USD 50.3 million) in 2020, mainly as a result of the upcoming OIC infrastructure projects and other road construction projects.”
“Debt interest payment is projected to reach D3.08 billion (USD 59.6million) and will consume around 22 percent of Government domestic revenue (tax and non-tax only) in 2021. Debt service is projected to reach D5.97 billion (USD 115.5 million) in 2021 from D7.7 billion (USD 148.9million) in 2020,
Thus, registering a drop of 22% due to the debt deferral negotiated with some our multilateral creditors,” he said.
“In terms of financing the deficit, Domestic Borrowing is projected to reach D3.45 billion (USD 66.7million) in 2021 compared to D2.26 billion (USD 43.7million) in 2021, whereas Capital revenue is expected to increase to 1.7 billion (USD 32.9million) in 2021.”
“On foreign Borrowing 4.22billion (USD 81.6million) will be borrowed in 2021 to finance development projects compare to D4.04 billion (USD 78.1million) borrowed in 2020,” alluded.
However the estimate revenue has been referred to Agriculture and Food Policy Advisory Committee (AFPAC) and other relevant committee for scrutiny.
