Libya’s central bank says 2022 oil revenues rose to R370bn
Image: REUTERS/Esam Omran Al-Fetori
Libya's oil revenues rose to 105.5bn dinars (R370bn) in 2022 from 103.4bn dinars (about R363bn) in 2021, the country's central bank said on Wednesday.
The Central Bank of Libya (CBL) said it allocated 34.4bn dinars (about R120.72bn) for state oil firm NOC as “emergency and temporary financial arrangements”.
The NOC is the country's only legitimate oil producer and all its export revenues flow through the CBL to finance the public sector. Both are based in Tripoli.
The US is pushing for a financial oversight mechanism to ensure the transparent and fair distribution of Libyan oil revenue.
Total spending was 127.9bn dinars (about R449bn), a 49% increase compared to 2021 when it stood at 85.8bn dinars (about R301bn), the bank said.
It said the spending covered all 36 sectors funded by the public treasury and it was publishing the figures as part of efforts to “achieve the highest levels of transparency”.
The CBL also said public salary payments were 47.1bn dinars (about R165bn), up from 33.1bn (R116bn) in 2021.
Libya has been in chaos since the 2011 Nato-backed uprising that toppled Muammar Gaddafi, and energy facilities, the country's main source of wealth, repeatedly come under attack from rival factions.