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The Central Bank of Libya (CBL) has said that public revenue and spending have surged from January to November 2022. In absolute terms, public spending to 92.6 billion dinars (about US$19 billion) between January 1 and November 30, as against spending of 85.7 billion dinars (about US$17.6 billion) during the same period, as revealed in CBL’s monthly statement for Public Revenue and Expenditure.
The Central Bank of Libya (CBL) has said that public revenue and spending have surged from January to November 2022. In absolute terms, public spending to 92.6 billion dinars (about US$19 billion) between January 1 and November 30, as against spending of 85.7 billion dinars (about US$17.6 billion) during the same period, as revealed in CBL’s monthly statement for Public Revenue and Expenditure.
Revenues received from heads included 67 billion dinars from oil sales, 11.9 billion dinars from oil royalties, 11.4 billion dinars from oil royalties for the previous year, and 875 million dinars from taxes. Apart from that Customs receipts amounted to 191 million dinars, communications revenues 330 million, revenues from selling fuel in the local market 205 million, and other revenues 652 million, including from sub-heads like passport fees, car ownership fees, fines, etc.
As against this, public spending also increased, such as; salaries to public servants of 40.9 billion dinars, and operating expenses amounted to about 7.9 billion dinars. Budget allocation for public services such as education and other services was at 550 million dinars. Grants for students and the upkeep of embassies in different countries were also part of the public spending. Close to 17 billion dinars were spent for giving subsidies. The amount allocated for spending on the National Oil Corporation amounted to 19.2 billion dinars.
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In the meantime, fresh controversies have erupted regarding budget allocation. It is being reported that the government of Abdul Hamid Dbeibeh has increased the economic suffering by spending 300 billion dinars (roughly US$61 billion) on matters that have nothing to do with Libyan citizens. www.trendnafrica.com could not verify the veracity of this assertion.
