On Monday, the Libyan Minister Prime-designate Osama Hamad, received the Head of the National Oil Corporation (NOC) Farhat Bengdara in Benghazi.
During the meeting, they discussed the mechanisms for implementing Parliamentary Decision No. (49) regarding the distribution of national wealth.
They also discussed the formation of a committee comprising the Ministry of Finance, Planning, the Central Bank of Libya (CBL), the Administrative Control Authority, and the Audit Bureau to oversee the distribution process.
The meeting addressed the increasing oil production, and the corporation’s future plans. As well as the “importance of fair distribution of national wealth across all Libyan cities and regions to ensure citizens’ rights to a decent standard of living and access to basic services, education, and healthcare.”
This meeting comes as the Libyan government seeks to address longstanding issues related to the distribution of wealth, and promote transparency and accountability in the country’s oil industry.
Data from Libya’s Ministry of Finance revealed that oil revenues and its derivatives amount to 69% of total public finances. This equals to LYD 33.38 billion, during the period from 1 January to 31 May of this year.
The data, detailing the budget, indicated that the total state revenues amounted to LYD 46.70 billion.
The ministry clarified that tax revenues and royalties on oil companies came second, constituting 27% of the total, and amounting to LYD 13.32 billion.
The ministry stated that the remaining percentage of the public financial resources was distributed as follows: 3% for other sovereign revenues, amounting to LYD 1.19 billion, and 1% representing the remaining balances of the accounts for previous years, amounting to LYD 704.62 million.
