In 2022, 52.4% of Azerbaijan’s budget revenues will come from the oil sector

The Cabinet of Ministers of Azerbaijan presented the draft state budget and the consolidated budget for consideration by the President of Azerbaijan. 

This was reported by the press service of the Cabinet of Ministers.

In addition, a draft concept of socio-economic development and forecast indicators for the next three years have been submitted to the head of the Azerbaijani state for consideration.

State budget revenues are forecasted at the level of 26 billion 407 million manats, and expenditures – 28 billion 974 million manats.

It is predicted that 52.4% of budget revenues will come from the oil sector, 47.6% from the non-oil sector. About 85.7% of oil revenues will be transferred to the State Oil Fund. 

Another 14.3% of revenues from the oil sector to the state budget will be provided by the tax authorities.

Current expenditures will account for 68.7% of budget expenditures, capital expenditures – 24.7%, 6.6% will be expenditures related to servicing public debt and other obligations.

In the draft state budget, the oil price is based on the rate of $ 45 per barrel.

Caspian Barrel