Economic expert Idris Al‑Sharif wrote a post on his personal page in which he asked: Is there not among you a wise man? Stop this recklessness with the wealth of a people left with no choice.
Al-Sharif said: Three years ago, the head of the National Oil Corporation pledged to raise oil production to two million barrels per day before the end of 2025. On that basis, the strategic plan he presented was approved, and an exceptional budget exceeding 58 billion dinars (USD 10 billion) was allocated and disbursed to the corporation before the end of 2024.
He continued: We are now at the end of 2025. The billions have vanished—and with them the promise to increase production. What actually happened is far worse: there has been a sharp (unjustified) decline in oil revenues transferred to the Central Bank; some of the corporation’s companies have sunk into debt and become unable to cover their operating expenses, to the point of resorting to deducting part of the revenues (illegally) through partner companies, under what became known as the “payment-in-kind/on-behalf” mechanism—shrouded in ambiguity and far removed from any form of oversight by the competent state institutions.
Idris Al-Sharif added: Today we are surprised by news that the corporation has made arrangements with the Libyan Foreign Bank to grant it loans starting at one billion dollars to finance letters of credit, to be repaid from oil revenues. Most astonishing of all is the indifference we see from the highest state bodies entrusted by the people with managing their resources, safeguarding them, and using them properly in their interest.
He concluded his post by saying: We have not witnessed or heard of any accountability sessions—public or closed—for governments or responsible bodies regarding these serious issues. It seems the House of Representatives’ role in this matter is limited to legitimizing and approving the financing of revenue shortfalls as public debt funded from citizens’ pockets, instead of asking about the billions that were squandered. As for the oversight bodies and the Public Prosecutor, it appears these matters are not among their concerns… and I will say no more.
