Azerbaijani President approves execution of SOFAZ's budget for 2024

President Ilham Aliyev has signed an order on the execution of the State Oil Fund of Azerbaijan’s (SOFAZ) budget for 2024.

According to Report, SOFAZ's budget revenues amounted to 18.039 billion manats (just over $10.61 billion), while budget expenditures exceeded 12.896 billion manats ($7.586 billion).

In 2024, SOFAZ received nearly 12.244 billion manats ($7.202 billion) from the implementation of oil and gas agreements, including 11.461 billion manats ($6.742 billion) from the sale of profit oil and gas, 778.2 million manats ($457.7 million) from bonus payments, 0.5 million manats from transit ($294,117), and 3.6 million manats ($2.1 million) from acreage fees.

The investment income from the management of the Fund's assets surpassed 5.795 billion manats (approximately $3.41 billion), which was 6% of the investment portfolio.

During the year, SOFAZ transferred 12.781 billion manats (just over $7.518 billion) to the state budget, allocated 34 million manats ($20 million) for financing the "State Program on increasing the international competitiveness of the higher education system for 2019-2023," directed 47.3 million manats ($27.8 million) to finance the "State Program for youth education at prestigious foreign higher education institutions for 2022-2028," and spent 34.1 million manats (almost $20.06 million) on management.