The Audit Bureau’s Annual Report for 2024, issued yesterday, revealed a decline in total oil revenues recorded in the books during 2024 by approximately 31.8 billion Libyan dinars compared to the 2023 fiscal year.
The report indicated that oil revenues, taxes, and royalties amounted to 89,810,095,217 dinars during 2024, compared to 121,692,316,581 dinars, representing a change of 26%.
The data, according to the report, reflects a decrease in the contribution of oil revenues to financing the state’s general budget from 97% in previous years to 76%, of which 51% is recorded and 25% is unrecorded during 2024.
The Audit Bureau’s report addressed the expenditures and budget of the National Oil Corporation (NOC) in 2024, indicating that the total transfer from the Ministries of Planning and Finance to the NOC amounted to 7.655 billion dinars, while the corporation’s expenditures during the year reached 21.822 billion dinars. The total quantity of crude oil produced amounted to 415,664 barrels, along with 18,000 barrels of condensate and 911 billion cubic feet of natural gas.
