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HomeBreaking NewsAs SLPP Resorts to Overdraft SLPP Fiscal policy in tatters

As SLPP Resorts to Overdraft SLPP Fiscal policy in tatters

As SLPP Resorts to Overdraft SLPP Fiscal policy in tatters

It seems President Bio’s words at the last Cabinet Retreat held early this year during which he promised Sierra Leoneans that 2020 will be a year of delivery, were just mere words on paper that lack action.
Since the turn of the year, 2020, following his acceptance of failure at the cabinet retreat, things have seem to be going worse for the Bio led Sierra Leone Peoples Party (SLPP) government. 
From the increase in fuel pump price, to the astronomical increase in prices of cement, electricity tariff, passport increase and now the non-payment of salaries of civil servants for almost two months, this now beggars the question as to what is really happening to our New Direction government that campaigned to make life more better for the people of Sierra Leone, if Maada Bio becomes President.
The  economic situation under the SLPP is getting terribly worse as it now resorts to borrowing from the banks in order to pay salaries of public sector workers; a situation it members had lambasted the previous government of.
Whilst campaigning during the 2018 elections, JJ Saffa, the current Minister of Finance  whose voice is still echoing in the ears of the majority of Sierra Leoneans about the bread and butter issues was quoted to have said thus “When you elect Maada Bio as president, people’ s lives will be better, food will be cheap, nobody will go to bed with empty stomach, we will provide free quality education, unemployment will be thing of the past, we will block all the leakages, the New Direction government will pay salaries on time without taking over draft from any bank,” etc
Sadly, it been almost two years of the SLPP administration but citizens are still to see the many goodies they promised.
What is even more worrisome to may sierra Leoneans is why the SLPP government, whose members including the current Minister of Finance, have been bragging of paying salaries without using bank overdraft could resort to going back on its words by borrowing from the banks to pay salaries of public sector workers. 
Now the fundamental questions many Sierra Leoneans may want to ask are why the delay in the payment of salaries and why would the government resort to borrowing? 
The obvious answer to the above questions is that the government is broke and there is no money in the consolidated Revenue Fund.
Curious minds however may want to also ask about the w where about of the trillions of Leones the NRA is claiming to have been raising on a daily basis over the past quarters?
Whether the NRA is being economical with the truth about the amount of money it has been raising over the past quarters, or a case of misappropriation by the New Direction government still remains a misery to many but what is sacrosanct in this whole episode is the fact that the government’s Consolidated Revenue Fund has been over stretched by the New Direction government; hence the government is unable to pay salaries on time which consequently  leaves the government with the only option of borrowing from SLCB and RCB in order to pay salaries.
It could be recalled that, during the last State Opening of Parliament, President Bio boasted that his government was able to pay salaries of civil servants without using any overdraft facility and hence criticized the APC government of former President Koroma for using the overdraft facility to pay salaries to government workers.

Amazingly, President Bio has now resorted to doing the same thing for which he had criticized the previous administration of by borrowing from the banks to pay salaries which proves contrary to the usual outbursts of not using overdraft facility and the statement about the year delivery.
If this is the delivery president Bio meant, then I’m afraid Sierra Leone is heading for doom.

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