On Tuesday, the Central Bank of Libya (CBL) announced that the country recorded general revenues amounting to 96.6 billion Libyan dinars, and expenditures totalled 83.6 billion dinars from the beginning of this year until 31 October.
This financial report was provided in detail on the bank’s official website, offering insights into the income and spending of the country.
Breaking down the figures, it’s revealed that oil sales generated revenues of 74.4 billion dinars, while oil royalties contributed 9.9 billion dinars. Additional income of 10.3 billion dinars was acquired from past oil royalties, and taxes contributed 626 million dinars to the total revenue.
Customs revenue accounted for 257 million dinars, with communication revenues at 397 million dinars.
180 million dinars was generated from domestic fuel sales. The remaining 500 million dinars consisted of revenue received from financial service fees in Libyan cities, such as fines, passport fees, vehicle ownership, and other services.
As for expenses, wages accounted for 43.7 billion dinars, representing 52.2% of the total public expenditure. The wages for October are not included in this report.
The administrative expenses accounted for 7.2 billion dinars, while development amounted to 3 billion dinars.
Subsidies stood at 16.4 billion dinars, while emergencies did not record any expenses.
Furthermore, 8.8 billion dinars were allocated for exceptional financial arrangements for the National Oil Corporation (NOC), and 4.5 billion dinars for the General Electricity Company of Libya (GECOL).
Saad bin Shrada, a member of the Tripoli-based High Council of State (HCS), recently shed light on a grave issue plaguing the nation – unprecedented looting.
Bin Shrada responded to a report by the Court of Auditors, highlighting an unparalleled level of looting unseen in Libya since its establishment.
He emphasized that “while corruption is about circumventing laws, what’s transpiring now is outright looting.”
He expressed concerns on how Libyan citizens perceive this level of corruption, yet remain off the streets.
Libya, grappling with corruption and neglect, is witnessing its adverse effects unfold dramatically. With a rank of 171 out of 180 on the corruption perception index as of 2022, the pervasive corruption is undeniable.
The factional clashes in August 2023 further unveiled complaints about corruption in state spending, showcasing a disconnect between governance and societal needs.