Monrovia, November 25, 2025 — Deputy Minister for Fiscal Affairs, Hon. Anthony G. Myers, on Monday presented to lawmakers a detailed breakdown of the revenue assumptions driving Liberia’s proposed US$1.2 billion FY2026 national budget, describing it as one of the country’s boldest domestic resource mobilization efforts in years.
Addressing the Senate Committee on Ways, Means, Finance, and Budget, Hon. Myers said the projected FY2026 domestic revenue of US$1.14 billion is backed by strengthened tax administration, increased regulatory fees, anticipated external budget support, and substantial contingent revenues.
Hon. Myers emphasized that sustained economic expansion remains central to the anticipated revenue growth. Domestic revenue is expected to rise by 42%, increasing from US$804.6 million in FY2025 to US$1.14 billion in FY2026. Tax revenue is forecast to grow by 14%, climbing from US$632 million to nearly US$727 million.
Non-tax revenue including administrative fees, telecommunications charges, maritime contributions, and property-related income is projected to grow by 25.3%, rising from US$146 million in FY2025 to US$183.9 million in FY2026. Myers said the projections were informed by “a month of consultations” and more than a week of revenue hearings during budget preparations.
ArcelorMittal’s US$200 Million Signature Bonus Anchors Contingent Revenue
Contingent revenue for FY2026 is estimated at US$208.2 million. Of that amount, US$200 million is expected from ArcelorMittal Liberia as a post-ratification signature bonus tied to the company’s proposed third amendment to its Mineral Development Agreement.
The Ministry of Finance has submitted two new revenue bills to the President as part of efforts to curb leakages and strengthen tax incentive governance. The first is the Tax Incentive Reform Bill, which requires regular reporting and monitoring of tax incentives to address the “hundreds of millions” lost annually. The second is the Tax Administration and Enforcement Bill, designed to boost compliance, improve enforcement procedures, and enhances overall revenue recovery.
Appearing alongside the Finance Ministry, Deputy Commissioner General for Technical Services at the Liberia Revenue Authority (LRA), Gabriel Y. Montgomery, reported significant progress despite operational funding challenges.
As of November 17, 2025, the LRA has collected US$715.3 million surpassing last year’s record of US$698.6 million, the highest domestic revenue collection in more than a decade.
“Critics said last year’s revenue target was unrealistic,” Deputy Commissioner Montgomery noted. “But we have demonstrated that with adequate support, the LRA can deliver and we can surpass the FY2026 target as well.”
Hon. Montgomery expressed frustration that State-Owned Enterprises (SOEs) continue to undermine revenue performance by failing to meet their statutory obligations.
“If SOEs were contributing as required, we would be much closer to achieving our domestic revenue target by month’s end,” he warned, urging a national dialogue on enforcing SOE compliance.
The LRA highlighted major technological upgrades, crediting nationwide Starlink connectivity for enabling full functionality of key revenue systems, including ASYCUDA. Officials said the “era of manual revenue collection in rural areas is coming to an end.” Digital payment options have also expanded, allowing taxpayers to receive instant electronic receipts through mobile money.
The LRA plans to intensify taxpayer education to boost voluntary compliance, while ramping up audits and enforcement.
“We are not increasing tax rates,” Hon. Montgomery stressed. “We are expanding the tax base through education, digital systems, audits, and enforcement.”
Following the presentations, lawmakers opened the floor for questions as they launched a line-by-line review of the FY2026 revenue framework. Budget debates are expected to heat up in the coming weeks as legislators weigh the administration’s optimistic projections against ongoing concerns about compliance, economic conditions, and SOE performance.
