Government Spends $25M Monthly on Salaries, $15M on Debt Servicing — Finance Minister
Sierra Leone’s Minister of Finance has disclosed that the government spends approximately $25 million each month on salaries and about $15 million on debt servicing, as part of its broader fiscal obligations.
Speaking during a recent interview on Africa Young Voices (AYV TV), the Minister revealed that the government generates an average of $2.5 million daily through domestic revenue collection. He explained that these funds are used not only to meet salary and debt commitments but also to finance the general operations of government, including the running of foreign missions.
The Minister noted that in instances where revenue falls short, the government turns to the financial market to bridge the gap, emphasizing that borrowing is managed within a structured monthly window. He added that the government maintains transparency in its borrowing practices by regularly communicating updates to the market on a quarterly basis.
Highlighting fiscal targets, he stated that achieving revenue levels of 15–16 percent of Gross Domestic Product (GDP) would significantly strengthen the country’s economic management. However, he acknowledged that current domestic revenue stands at about 10.8 percent of GDP, underscoring the need for increased efforts.
According to the Minister, the government is aiming to raise revenue performance to 11.8 percent of GDP as part of ongoing reform initiatives. This target forms part of a medium-term strategy expected to be realized by 2027.
He reiterated government’s commitment to improving revenue mobilization and sustaining reforms that will enhance economic stability and fiscal resilience.
