The head of the Accounting Department at the Libyan Academy, Dr. Abu Bakr Abu Al-Qasim, wrote an article in which he stated:
The monthly report for February showed that the oil revenues transferred to the Central Bank by the National Oil Corporation amounted to only about 906 million dollars. These figures indicate a significant gap between the volume of declared oil exports and the revenues actually transferred, as it is estimated that more than 60% of oil revenues have not yet been reflected in the public revenue accounts, at least according to the available data.
This situation raises many questions, especially in light of the relative stability in production and export levels, which exceed 1.3 million barrels per day. Under such circumstances, oil revenues would normally be expected to remain stable or show relative improvement, rather than decline gradually from one month to another.
The issue is not limited to oil revenues alone, but also extends to other sovereign revenues such as taxes, customs duties, telecommunications revenues, and fuel sales. Available data shows that their contribution to public revenues is extremely limited, and in some reports even approaches zero for extended periods, reflecting a clear imbalance in the structure of the state’s public revenues.
At the same time, this decline in revenues coincides with high and rapidly increasing levels of spending, which further intensifies financial imbalances and places additional pressure on the country’s financial stability. The continuation of this trend could lead to serious challenges related to the state’s ability to meet its fundamental obligations, particularly those related to providing public services and meeting the living needs of citizens.
These indicators require a serious and responsible stance from all concerned authorities, particularly oversight and judicial bodies, in order to enhance transparency, clarify the path of public revenues, and ensure that the state’s financial resources are managed according to the principles of sound governance and accountability.
These issues have been highlighted on more than one occasion, but the seriousness of the current phase requires the opening of a serious national discussion about the management of revenues and public spending, and working to correct the financial trajectory before the challenges escalate and directly affect the country’s economic and social stability.
This may be another cry of warning, but it is one whose authors hope will finally find someone willing to listen and respond.
