An official source at the Central Bank of Libya (CBL) revealed, in an exclusive statement to the Libya Herald, that revenue and expenditure data for the first quarter of 2026 reflect ongoing structural challenges facing public finances—foremost among them the near-total reliance on oil revenues and high recurrent expenditure.
The source explained that oil revenues accounted for approximately 97.5% of total public revenues during the first quarter, while the contribution of non-oil revenues remained limited, not exceeding 600.4 million dinars. This highlights the need to bolster non-oil income sources and diversify the economic base.
The source added that the fact that salaries consumed about 79% of total public expenditure reflects the continued pressure recurrent spending places on the public budget, thereby shrinking the fiscal space available for development and investment spending.
Regarding the absence of recorded expenditures under the development category during the first quarter, the source noted that this is linked to the public expenditure approval and disbursement cycle; it does not necessarily imply the cancellation of development allocations or the halting of projects included in the annual plan.
The source emphasized the CBL’s commitment to enhancing financial disclosure and transparency, noting that the publication of economic bulletins aims to enable the public, researchers, and economic institutions to track public finance developments accurately and regularly.
The Central Bank of Libya announced that total public revenues reached 24.27 billion dinars during the first quarter of 2026, against expenditures of 15.25 billion dinars. Oil revenues stood at 23.67 billion dinars, while non-oil revenues did not exceed 600.4 million dinars—with only about 180 million dinars derived from taxes and customs, representing less than 1% of total public revenues.