MALAITA Province’s 2022-2023 revised budget figure was increased by 28 percent from the original amount.
This was announced by Premier Martin Fini in his speech at the 2022-2023 revised budget meeting in the Malaita Provincial Assembly chamber yesterday.
He said the Revenue estimation on the revised budget stands at SBD 20,342,182 and the recurrent revised expenditure estimation stands at SBD $ 15,233,482.
There is a slight increase of 3 percent over the original budget expenditure of SBD 14, 725,554.
“On the actual figures for revenue collection, this has been estimated at SBD$13,479,725-million.
“The original estimation was SBD$18,225,554-million or 35 percent projections over the actual estimation and 50 percent of the revised budget over the actual estimation.”
“I know it will be a challenge for my newly formed government to pursue these revenues, considering the tough economic situation of the province,” Premier Fini said.
“As Premier, I am well aware of the economic climate and the business environment we are all facing as well.
“This is one of the priority areas for my new government in terms of our redirection policy. My new government will urgently restore a stable and conducive environment for businesses to invest and thrive in Malaita,” Premier Fini added.
The premier said the bulk of the revenue of the province comes from the Solomon Islands Government (SIG) Service Grant which is estimated at SBD$8,446,239-million or around 37 percent of the total budget.
He said the local revenue contributes 30 percent, while the rest comes from donations and supports from various agencies. As an agent of the national government, we heavily rely on it for budgetary support.
“As premier of Malaita, I am concerned that our revenue has declined. For instance, in the 2021-22 fiscal year, we have collected SBD$6,307,323-million in actual revenue.
“In this fiscal year 2022-23, the actual collection is estimated at SBD$4,545,506-million which represented a 28 percent shortfall and this is a great concern.
“This decline is concerning because it was due to businesses feeling insecure to operate in Malaita, resulting in some pulling out from the province and thus the province losing revenue,” Premier Fini reiterated.
By SOLOMON LOFANA
Solomon star, Auki
