By Thomas Dixon
FREETOWN, Aug 3 (SALONE TIMES – 232news.com) – Document from the Ministry of Finance revealed that revenue from mines and minerals sector in Sierra Leone increased by over 100% in 2021
“Mineral resources revenues increased by over 100% from the previous year, equivalent to Le 265.2billion and 90% above the budgeted target of Le 275.4billion.” the report states.
The report stated that government recorded 523.2 Billion Leones in Mineral Revenues which is about 7% of the total revenue collected by government.
That other revenues such as Fisheries fell slightly by 2%, but was above the targeted amount for the fiscal year by 31%, pointing out that, Departmental Receipts and Road User Charge had an increased by 40% and 88% respectively which were also above the budget of Le 824.2 by 57% for Other Department and by 70% for Road User Charge.
That the increment is mainly as a result of the recovery of business from the COVID 19 pandemic shocks.
“Income tax revenue contributed Le2, 430.6 billion or 33 % of the total domestic revenue for the financial year, whereas Goods and Services Tax (GST) revenue amounted to Le 1,213.0billion or 16% of total domestic revenue. Customs and Excise (C & E) Receipts Le 1,564.0billion or 21% and Mineral Revenues Le 523.2billion or 7% of total domestic revenue respectively. Fisheries revenue accounted for Le 211.8billion which is 3% of total domestic revenue,” the report ended.
