Muscat: Oman's state budget for 2025 anticipates total revenues of around OMR 11.18 billion, predicated on an average oil price of USD 60 per barrel and a daily production rate of 1.001 million barrels. This figure marks a 1.5% increase from the projected revenues for 2024. The budget designates OMR 1.834 billion specifically for the repayment of public debt.
Preliminary data for 2024 suggests a financial surplus of about OMR 540 million, a significant turnaround from the earlier forecasted deficit of OMR 640 million. This favorable result is largely due to a 15.1% rise in total revenue, which reached OMR 12.674 billion. The increase is attributed to enhanced oil and gas revenues, with net oil revenues climbing by 24.3% to OMR 7.353 billion and net gas revenues growing by 14.3% to roughly OMR 1.8 billion. Public spending for 2024 amounted to OMR 12.134 billion. Additionally, the government successfully lowered public debt from OMR 15.2 billion to OMR 14.4 billion, yielding OMR 110 million in savings on debt servicing.
The 2025 budget allocates OMR 8.555 billion for current expenditures, which constitutes 72% of the total public spending. Projected development and investment expenditures for 2025, including contributions from other governmental entities such as the Oman Investment Authority and its subsidiaries, as well as the Oman Energy Development Company, are estimated to be around OMR 4.44 billion. The budget also includes OMR 44 million for the Governorates Development Program and OMR 50 million to support employment initiatives for private sector job seekers, funded by a 1.2% levy on oil and gas sector purchase invoices.
Significant development projects slated for 2025 encompass the completion of 20 new government schools and the initiation of tenders for an additional 22 schools. The completion of 9 government hospitals is also a priority, alongside the expansion of the Muscat Expressway and the construction of various ports and dams.
