(08 Oct 2024) MOGADISHU (Halqabsi News) – The Somali Federal Government Cabinet has approved a record budget of $1,342,476,311 for the fiscal year 2025. The decision was reached during an emergency meeting chaired by Prime Minister Hamza Abdi Barre on Monday evening.
The approved budget represents a 24.4% increase compared to the 2024 budget of $1,079,315,783, marking an additional $263,160,528 in government revenue.
The Ministry of Finance presented the proposed budget to the cabinet, highlighting the projected increase in government revenue and outlining the various sources of income. The cabinet, in a unanimous vote, approved the budget.
“The increase in domestic revenue is fundamental to our plan to strengthen security, improve public services, and develop our infrastructure,” stated a press release from the Prime Minister’s office.
The substantial budget increase is expected to fuel various development projects and improve the delivery of essential services nationwide. The government has outlined plans to allocate a significant portion of the budget to enhance security, improve public services such as healthcare and education, and develop the country’s infrastructure.
Halqabsi News
