Azerbaijan covered 90% of budget spending with non-oil revenues in 2024

Of the 21.3 billion manats ($12.52 billion) in current expenditures executed under Azerbaijan’s 2024 state budget, 90%, or 19.2 billion manats ($11.3 billion), were financed through revenues from the non-oil and gas sector, Finance Minister Sahil Babayev stated during a session of the Milli Majlis Committee on Economic Policy, Industry and Entrepreneurship, Report informs.

Highlighting the significance of this achievement, Babayev noted, “Ensuring that current budget expenditures are fully covered by non-oil revenues is central to safeguarding our long-term fiscal stability and sustainability. In 2024, we reached a 90% coverage rate, and our objective is to bring this figure to 100% in the near term.”

The minister added that this target will be fully realized in the 2026 state budget and the accompanying three-year fiscal framework.