Mogadishu (AX) – At a special gathering led by Prime Minister Hamza Abdi Barre, Somalia’s Cabinet of Ministers gave the green light to a whopping $1.3 billion budget for 2025. This decision was made during an urgent session held on Tuesday.
This budget showcases a 24.4% jump from the previous year’s allocation, all thanks to a surge in home-grown revenue.
The Ministry of Finance spilled the beans, revealing that the budget for 2025 had ballooned by $263 million compared to the $1.08 billion earmarked for 2024. “Ramping up internal revenue is part of our game plan to bolster security, improve social services, and upgrade infrastructure,” explained the ministry.
The proposed budget is set to make the rounds through both chambers of parliament before it gets the final nod.
In 2024, to pad the coffers for future budgets, the Somali government rolled out a 5% sales tax. This levy, sneakily taken from business deals at checkout, is anticipated to plump up government coffers even more by 2026.
Edited by: Ali Musa
Axadle international–Monitoring
