NACOVERC Spends Over Le176Bn

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By: Foday Abdulai Kamara

The Ministry of Finance has  in a statement announced that  as of 19th August 2020 the cumulative donations into the Covid-19 Accounts at the Bank of Sierra Leone is Two hundred and Six billion, thirty-nine million, sixty thousand and Four hundred Leones (Le 206,039,060,400).

 The release also revealed that its account in foreign currency sums up to Fifty-five thousand nine hundred and twenty dollars ($55,920). So far, NACOVEREC has spent 85.49% of this amount in the fight against Covid-19. The total amount of expenditure so far is One hundred and Seventy-nine Billion, one hundred and Forty-eight Million, three hundred and two thousand, One hundred and Forty-four Leones (Le 176,148,302,144).

According to the public Notice, the Government of Sierra Leone through its Incl. Direct Transfer to EOC operations Account from CRF constitutes the highest percentage of the Revenue generated.

About 94.64%; that is One Hundred and Ninety-five billion Leones (Le 195,000,000,000). Similar to the Revenue, bulk of the Expenditure is for the Imprest to EOC for daily Operations/Life Insurance Premium. This amounted to 72% of total Expenditure; that is One Hundred and twenty-seven Billion Leones (Le 127,000,000,000).

The statement further noted that the COVID-19 Special Account has a balance of Twenty-Nine billion, Eight Hundred and Ninety Million, Seven Hundred and Fifty-Eight Thousand, and two hundred and fifty-six (Le 29, 890,758,256).

The Ministry has re-assured that all expenditures relating to Covid-19 will be affected from the above-mentioned accounts only when authorized by the Sole Requesting Authority, The National Emergency Operations Centre, and in accordance with the public Financial Management Act of 2016.

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