Parliament Enacts Finance Act of 2026 to Boost Sierra Leone's Revenue Generation.

In a significant legislative move, the Parliament of Sierra Leone passed the Finance Act of 2026 on November 26, 2025, Following extensive debates, the bill aims to enhance the government's capacity to collect essential taxes for the nation’s development.

The Finance Act seeks to impose and modify taxes in alignment with government's financial strategies and includes numerous amendments aimed at improving tax efficiency and enforcement mechanisms.

 Minister of Finance Sheku Ahmed Fantamadi Bangura presented the bill, highlighting government's commitment to generating Nle 2.5 billion to fund state resources.

The proposed adjustments include amendments to the Customs Tariff Act of 1978 and the Excise Act of 1982, focusing on sectors such as tobacco, cement, and petroleum.

Minister Bangura underscored the urgency of the reforms, noting that Sierra Leone lags behind in tobacco taxation compared to its regional counterparts.

He projected a revenue increase of Nle 207 billion from adjustments in the cement sector and indicated plans for an income tax rate increase, along with exceptions for petroleum gas to address environmental concerns.

 Hon. Francis Amara Kaisamba, Chairman of the Parliamentary Finance Committee, commended the government's efforts to meet the basic needs of citizens through improved infrastructure and services.

Hon. Aaron Aruna Koroma from the Opposition expressed concern over potential increases in cement and fuel prices, warning that such measures could exacerbate hardships for the populace.

Hon. Abdul Karim Kamara emphasized the need for the government to prioritize citizens' interests in its revenue generation strategies. He cautioned against any increases in petroleum product prices, labeling fuel a politically sensitive commodity.

In response, Deputy Leader of Government Business, Hon. Saa Emerson Lamina defended the bill, advocating for necessary regulations to ensure that private sector entities contribute to national development through taxes. He appealed for collaboration among MPs to bolster government's financial capabilities.

Opposition Leader Hon. Abdul Kargbo lamented Sierra Leone's struggles with revenue generation despite its rich resources, attributing challenges to corruption and ineffective tax compliance. He urged Parliament to create stringent laws to hold ministries accountable for non-compliance with financial regulations.

In closing the debate, Majority Leader Hon. Mathew Sahr Nyuma praised the Finance Act as a crucial tool for addressing the Government's Big Five Game Changers' initiative and tackling pressing citizen issues. He reaffirmed the administration's commitment to a stable economic environment, emphasizing that the Government is taking steps to depoliticize fuel pricing to ensure market stability.

Minister Bangura reiterated that the primary goal of the Finance Act is to enhance revenue and provide essential services to the people, calling for parliamentary approval to implement the necessary measures for the nation's growth.

Correspondent: Hassan Bangura

Tel: +23230 404344/+23278 654090

Email: 232404344b@gmail.com