Muscat: The final account for the 2024 State Budget indicates that total public revenue reached RO 12,781 million in 2024, reflecting a 16% increase over the budgeted figure of RO 11,010 million. This growth was driven by increased hydrocarbon revenue.

According to Oman News Agency, by the end of 2024, public spending reached RO 12,241 million, marking a 5% increase over the budgeted amount of RO 11,650 million. This growth is primarily driven by higher subsidies for oil products and increased development expenditures by civil ministries. The actual performance for the fiscal year 2024 achieved a surplus of RO 540 million.

Net oil revenue by the end of 2024 amounted to RO 7,452 million, representing a 16% increase over the budgeted amount of RO 5,915 million for the year. This significant growth was primarily driven by a rise in average oil prices, which increased from the budgeted USD 60 per barrel to USD 82 per barrel. However, average oil and condensate production stood at 997,000 barrels per day, against a budgeted projection of 1,031,000 barrels per day, due to compliance with OPEC+ production cuts.

By the end of 2024, net gas revenue amounted to RO 1,822 million, also reflecting a 16% increase over the budgeted amount of RO 1,575 million. This growth is attributed to higher average selling prices of liquefied natural gas (LNG). Meanwhile, non-hydrocarbon revenue stood at RO 3,507 million, down by RO 13 million, representing 28% of total public revenue.

Total tax and fee revenues reached RO 2,077 million by the end of 2024, reflecting a 5% increase from the approved budget estimate. This positive variance is largely due to increased corporate income tax and value-added tax revenues, driven by the ongoing economic recovery. Non-tax revenue amounted to RO 1,395 million, representing a 3% decrease compared to the budgeted figure.

Public spending by the end of 2024 stood at RO 12,241 million, reflecting an increase of RO 591 million over the budgeted amount. This was driven by higher subsidies for oil products and the electricity sector, along with increased development expenditures by civil ministries. Current expenditure amounted to RO 8,534 million, down by RO 39 million compared to the budgeted amount, mainly due to a decrease in public debt servicing.

By the end of 2024, actual spending on defense and security amounted to RO 2,987 million, down by RO 83 million compared to the estimated figures in the 2024 budget. The expenditure for civil ministries stood at RO 4,611 million, up by 4% compared to the budgeted amount.

Public debt service by the end of 2024 reached RO 936 million, reflecting an 11% decrease from the budgeted figure. This decrease was due to the government’s management of its financial obligations and the replacement of high-cost loans with lower-cost alternatives.

Actual spending on development projects of civil ministries and government units rose by 31% compared to approved allocations, driven by increased financial allocations for development budgets and the settlement of outstanding dues to private sector companies. Infrastructure sector development expenditure reached 44% of total development expenditure, with the social infrastructure sector at 38% in 2024.

By the end of 2024, contributions and other expenses stood at RO 2,209 million, reflecting a 14% increase over the approved budget. This rise was driven by higher petroleum product and electricity sector subsidies. The Ministry of Finance paid more than RO 1.6 billion to the private sector by the end of 2024, reflecting the payment vouchers received through the e-financial system.

The actual performance for the fiscal year 2024 achieved a surplus of RO 540 million compared to a budgeted deficit of RO 640 million, due to higher hydrocarbon revenue. By the end of 2024, public debt reached RO 14.6 billion, down by RO 660 million compared to actual figures in 2023, attributed to repaying part of government loans and obligations.