The Libyan Audit Bureau has revealed in its annual report for the fiscal year of 2022 that state revenues had amounted to 177 billion dinars with a surplus of six billion dinars, a very much low surplus when compared to the 20 billions of 2021.
The report said state expenditures of 2022 hit more than 170 billion dinars, explaining that foreign currency transfers of the Central Bank of Libya (CBL) reached more than 27 billion dollars with a surplus of about eight billions.
“The funds transferred to state-sponsored entities amounted to more than 50 billion dinars in 2022. The National Oil Corporation (NOC) continued to buy fuels based on an exchange system and the purchases amounted to 42.67 billion dinars.” The report remarked, saying the NOC’s funds were spent without registration documents at the Ministry of Finance.
The Audit Bureau’s report indicated that the violations of the NOC that saw it exchange crude oil with fuels reached more than 16 billion dinars and the NOC paid no heed to transparency measures. It added that the NOC didn’t even disclose the rates of production of oil and gas – worth 8.4 billion dollars – that were used for refineries and power plants.