Mogadishu(KAAB TV) – Somalia’s Federal Parliament has approved the 2024 budget audit, revealing stronger domestic revenue performance but continued reliance on foreign aid and slower execution of development spending.
The report was endorsed during a joint sitting of both chambers on Saturday, after its third reading, with 167 lawmakers voting in favour, two against and one abstaining.
Prepared by the Ministry of Finance and the Office of the Auditor General, the audit shows that the government collected about $912 million out of an approved $1.08 billion budget, representing 84 per cent execution for the fiscal year.
Domestic revenue exceeded expectations, reaching 107 per cent of target, driven by improved tax collection and strengthened revenue administration.
Tax income rose about 10 per cent above projections, while non-tax revenue achieved 98 per cent of planned levels.
By contrast, external grants underperformed. Of the $694 million expected from development partners, Somalia received $543 million, or 78 per cent, with the World Bank remaining the largest contributor.