By: Fatou Krubally
Lawmakers yesterday questioned the Ministry of Finance and Economic Affairs over the Social Security-funded procurement of 70 buses for the Gambia Transport Services Company (GTSC), seeking clarity on the total cost, financing arrangements, and government involvement in the project.
During oral questioning in the National Assembly, Hon. Lamin J Sanneh, Brikama South Constituency UDP Member, asked the Honourable Minister for Finance and Economic Affairs to provide details on the purchase of GTSC buses from TK Export, including the total amount spent and the number of vehicles procured.
The Minister confirmed that between 2023 and early 2025, the Social Security and Housing Finance Corporation spent €13,381,690 to acquire 70 buses. At the exchange rate of $84.26 per Euro, this amounts to roughly D1.1 billion. He further explained that GTSC, a wholly-owned subsidiary of Social Security, generates revenue from operations, which will offset part of the cost, while the government will subsidize the remaining expenditure.
Lawmakers pressed for further details on the arrangement, questioning whether the purchase represented a loan to the government or a direct acquisition by GTSC. The Minister clarified that the directive originated from the Executive, with Social Security facilitating the purchase. “Public transportation is subsidized globally. GTSC will use revenue generated to offset part of the cost, while government provides the subsidy element,” he said.
The session also focused on budget support and grant inflows. The Minister reported that, as of the first half of 2025, project grants totaling 5.56 billion dalasi, representing 43.8% of the planned 12.6 billion dalasi budget, had been received. He noted that no budget support had arrived by mid-year, but the World Bank has approved its contribution, and a financing agreement has been signed. EU budget support is also in advanced stages of processing, and the government has secured a staff-level agreement with the IMF under the Extended Credit Facility (ECF), pending board approval.
Lawmakers expressed concern over potential shortfalls, but the Minister reassured the House that all planned budget support inflows were expected before the end of December 2025, with measures in place to finance recurring government expenditures.
Questions about the recapitalization of the National Food Security Processing and Marketing Corporation (NFS PMC) were also raised, with the Minister noting that direct budgetary support remains challenging but alternative arrangements are being made to support the corporation.
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By: Fatou Krubally Lawmakers yesterday questioned the Ministry of Finance and Economic Affairs over the Social Security-funded procurement of 70…
The post Assembly Probes €13 Million Bus Procurement and Budget Support Status appeared first on .
