The Somali Parliament has approved the country’s national budget for the fiscal year 2025, setting the stage for continued economic growth and development. The approved budget stands at an impressive 1.3 billion and 399 million Somali shillings, marking a significant increase of approximately 20% compared to the previous year’s budget.
This substantial increase in the national budget reflects the government’s commitment to investing in various sectors and initiatives aimed at driving the country’s progress. Year after year, the budget consistently showcases incremental growth in both revenue and expenditure, underscoring the nation’s positive trajectory.
Revenue Targets and Economic Growth
One of the key highlights of the 2025 budget is the ambitious revenue target set at 460 million Somali shillings, representing a 25% increase from the previous year’s revenue figures. The government has expressed confidence in achieving this target, citing the dedicated efforts of the Somali people and the tax-paying community.
According to the budget breakdown, the initial revenue projection for the first two months of the fiscal year was set at 345 million Somali shillings. However, the government has already surpassed this target, collecting over 324 million shillings during this period. If this trend continues, the administration anticipates exceeding the projected revenue of 397 million shillings for the entire fiscal year.
Expenditure and Development Initiatives
While specific details on expenditure allocations are yet to be disclosed, the substantial increase in the overall budget suggests significant investments in various sectors, including infrastructure, education, healthcare, and social services. These investments are expected to drive economic growth, create employment opportunities, and improve the overall quality of life for the Somali people.
The government has expressed its gratitude to the dedicated professionals and individuals who contributed to the meticulous preparation of the national budget, ensuring its timely and efficient delivery.
As Somalia embarks on this new fiscal year, the approved budget serves as a testament to the nation’s commitment to sustainable economic development and the well-being of its citizens.
