Financial analyst Khaled Al‑Zantouti wrote an article in which he said: Revenues and Spending 2025… a terrible economic failure!
I do not wish to delve into the details of the revenue and expenditure statement for 2025 issued by the Central Bank of Libya two days ago. Rather, I would like to focus on certain figures and items due to their importance, and attempt to break them down and compare them with published global averages in this regard, with the aim of helping identify the causes of the financial and economic problems we are suffering from. Through this, we can all think about possible solutions and ways to deal with them—especially on the part of our legislative and executive counterparts, across their various councils and governments.
First: Some revenue items
1) Total oil sales revenues for 2025, according to the Central Bank’s statement, amounted to approximately 99 billion dinars, which is roughly equivalent—at the official exchange rate in 2025—to about USD 18 billion.
However, our oil sales, according to figures published by the relevant authorities, averaged about 1.375 million barrels per day in 2025. With the average Brent crude price at around USD 68.8 per barrel (according to some published statistics), and after deducting the foreign partner’s share and the crude supplied to local refineries, our average daily sales amount to about 975 thousand barrels.
975 × 365 days × 69.8 = USD 24.8 billion
This amount should be remitted to the Central Bank’s account at the Libyan Foreign Bank.
From this, we find a shortfall of about USD 6.5 billion—approximately 35 billion dinars—a large figure representing around 35% missing from the value of oil sales.
So we ask, quite innocently: where is this money?
2) Tax revenues amounted to only about 2.8 billion dinars, a very small figure when we consider that the global average for taxes as a percentage of GDP reaches 15%.
According to the International Monetary Fund, Libya’s GDP is about 260 billion dinars (USD 48.9 billion). Taxes, based on the global average, should therefore be around 39 billion dinars.
Unfortunately, our revenues were only 2.8 billion dinars—about 7% of what tax revenues should be according to the global average!
3) Telecommunications revenue is considered, in countries around the world, one of the most important components of sovereign revenue—whether through licensing sales or direct management of communication channels—and has in some cases exceeded 12% of GDP.
If we consider the Libyan case, I believe (based on daily observations) that we consume telecommunications of all kinds at an average higher than any other people.
If you do not believe me, look to your right and left, ahead and behind you on the road while driving—you will find that no less than 70% are using their mobile phones, men and women alike.
Let us assume that our telecommunications revenues should be 10% of GDP—about 26 billion dinars—yet the actual revenue amounted to only 224 million dinars… only that, i.e., about 0.000000008% of GDP, a disgraceful figure.
So where are the billions from telecommunications?
As for customs revenue—don’t ask… it is just like telecommunications revenue!?
Regarding expenditure tables for 2025, according to the Central Bank’s statement, I would like to single out the wages chapter, which consumed more than 53% of total spending and over 28% of GDP—while the global average for government wages does not exceed 8%!
In truth, I do not consider them wages; rather, they are a distribution of wealth, which should be fair and for everyone!
As for sectoral spending, let me just note that the cost per head in some entities (from chapters one and two) reaches millions of dinars annually, even though if some of those individuals were offered on the “market,” their value would not reach even one thousand dinars!
With respect to the front line…!
To be continued…
