The Gambia has an 11 billion Dalasi debt that must be paid back by 2025. This is stated in The Gambia Government’s 2025 Revenue and Expenditure Estimates, which were presented to the National Assembly on Friday for its members’ review and approval.
On Friday, November 15, 2024, Seedy Keita, the Finance Minister of the Gambia, presented the 53 billion dalasi 2025 draft estimates and expenditures for parliamentary review, approval, and adoption. According to the aforementioned overall estimates, tax income will amount to 29 billion, or 14.52 percent of GDP, while the consolidated revenue fund (CRF) will receive 32 billion Dalasi, or 16.02 percent.
In the fiscal year 2025, net lending and expenditure are expected to total 32 billion dalasi, or 16.12% of GDP.
Twenty-one billion dalasi was the authorized budget for 2023. In 2024, this increased to D42, and in 2025, it increased by a further 11 billion dalasi to reach D53 billion.
According to the forecasts, loans will total D2.5 billion, grants will total D12.6 billion, and GLF will total D37 billion.
The Minority Leader, Hon. Alhagie S. Darboe, questioned the Finance Minister’s failure to present the 2025 Draft Budget in compliance with the 1997 Constitution and moved a motion to block its tabling.
Hon. Seedy SK Njie, the Deputy Speaker, made a countermovement to Hon. Darboe’s motion, which would be decided by the Speaker’s decision.
The Minister of Finance and Economic Affairs is required by the 1997 Gambia Constitution and the Public Finance Act of The Gambia, as amended, to present the budget projections for the next fiscal year at least sixty days before to the fiscal year’s conclusion.
The estimates must then be presented to the National Assembly, which has 30 days to review and approve them.
Given that there are less than 60 days between November 15, 2024, and December 31, 2024, this implies that the 2025 laying date of November 15, 2024, fell short of the aforementioned modified version of the Constitution.
The time from November 15 to December 31 is 46 days, compared to the 60 days required under the constitution.
In order to include the pay increase in the 2025 draft budget, the Finance Minister explained that they were working on it and talking to donors.
The Speaker ordered the Minister to issue an apology for the delay in setting out the draft budget following hours of heated internal Assembly discussions behind closed doors.
Following the Finance Minister’s compliance and apology, the meeting moved forward with the Minister presenting the Republic of the Gambia’s revenue and expenditure estimates for the fiscal year 2025.
