Tripoli: A new report by the Audit Bureau has highlighted a significant decline in Libya's oil revenues for the fiscal year 2024, with a shortfall of approximately 31.8 billion Libyan dinars compared to 2023.
According to Libyan News Agency, the Audit Bureau's annual report for 2024, released on Wednesday, detailed that oil revenues, taxes, and royalties totaled 89,810,095,217 dinars in 2024. This marks a 26% decrease from the previous year's figure of 121,692,316,581 dinars. The report underscores a reduction in the proportion of oil revenues contributing to the state's general budget, falling from 97% in earlier years to 76% in 2024. Of this, 51% is recorded, while 25% remains unrecorded.
The report also examined the financial activities of the National Oil Corporation (NOC) for the year. It was noted that the Ministries of Planning and Finance transferred a total of 7.655 billion dinars to the NOC. In contrast, the corporation's expenditures for 2024 reached 21.822 billion dinars. The NOC's production output included 415,664 barrels of crude oil, 18,000 barrels of condensate, and 911 billion cubic feet of natural gas.