The Auditor General’s reports on the Central Government’s audited financial statements for the fiscal years 2021, 2022, and 2023 were presented to the National Assembly on Monday by Seedy Keita, Minister of Finance and Economic Affairs.
“In fulfillment of the provisions of the Public Finance Act 2014, I have the honor to lay before this August Assembly the audited Government financial statement for the financial years ended 31st December 2021, 2022, and 2023,” Minister Keita stated.
According to the Finance Minister, the financial accounts were prepared using a cash basis in accordance with the International Public Sector Accounting Standard (IPSAS). He clarified that the reports offer a thorough picture of government financial activities for the corresponding years and demonstrate the administration’s ongoing dedication to openness, responsibility, and responsible use of public funds.
The Minister presented the 2021 results, stating that D11.7 billion in tax revenue, D3.9 billion in non-tax revenue, and D796 million in grants made up the total government revenue of D16.4 billion. A total of D21.7 billion was spent throughout the year, with D10 billion going toward government operations, D2.9 billion toward transfers, and D3.4 billion toward capital expenditures. He pointed out that domestic borrowing was the primary source of funding for the ensuing financial shortfall.
With D11.6 billion in tax revenue, D2.6 billion in non-tax revenue, and D2.3 billion in grants, government revenue increased marginally to D16.5 billion in 2022. Including D10.7 billion for government operations, D3.1 billion for transfers, D2.7 billion for capital expenditures, D2.6 billion for interest payments, D353 million for social benefits, and D2 billion for other expenses, the year’s total expenditure came to D21.6 billion.
The Minister highlighted the latest findings, stating that government revenue increased dramatically to D23.3 billion in 2023.”The government’s revenue increased dramatically to D23.3 billion, or 118% of the authorized budget. The entire amount spent, D22.1 billion, is about in accordance with the authorized budget. These outcomes show the government’s ongoing dedication to sound spending management, increased income mobilization, and fiscal restraint,” he said.
Presenting the financial statements before the National Assembly, the Minister said, confirms the government’s commitment to improving accountability, bolstering public financial management, and making sure that national resources are used effectively for The Gambia’s development.
In addition to asking that the Auditor General be given permission to make the reports available to the public while the Finance and Public Accounts Committee (FPAC) reviews them, the Member for Old Yundum requested that the reports be sent to the FPAC for in-depth examination. The Assembly duly seconded and adopted the measure.
