Libya’s total government expenditure reached LYD 277 billion from 2012 to 2017, the Tripoli-based Audit Bureau revealed in its 2017 Annual report.
The Libyans were outraged as the actual achievements on the ground were very few compared to what the government has spent.
According to an analysis conducted by 218News of the 2017 Annual Report, the average government expenditure in the last six years was LYD 46.16 billion annually.
Hence, Libya would spend more than LYD 500 billion over 10 years from 2012 to 2021, if the rate of expenditure in previous years continued.
According to the 2017 Annual Report, the government spent about LYD 43.2 billion in investment sector in the last six years, with an average of LYD 7.2 billion per year. Politicians say this value is very low, especially since Libya depends on oil revenues.
Libya suffers from the depletion of infrastructure and ongoing economic crisis.
According to the findings of the 920-page report, the government expenditure during 2017 exceeded LYD 32 billion. The Tripoli-based Government of National Accord spent about LYD 256 billion from 2012 to 2017, while the eastern-based Interim Government’s spending amounted to LYD 21 billion from 2014 to 2017. This brought the total spending by all governments to LYD 277 billion over the last five years.
On the other hand, state revenues in 2017 were LYD 22 billion up from LYD 9 billion in 2016 and LYD 11 billion in 2015. The state budget deficit was made up by advances from the Central Bank of Libya, which has now reached LYD 58 billion.
The previous annual report also highlighted numerous corruption-related issues, including tax evasion and corporate manipulation of tax disclosures and accounts.
