Monday November 4, 2024
Mogadishu (HOL) — Somalia's bicameral parliament has approved a $1.36 billion budget for the 2025 fiscal year, marking a 24.4% increase from the previous year.
The approval followed Monday's parliamentary session in Mogadishu, with 143 MPs and 32 senators in attendance. First Deputy Speaker of the People's Assembly, Saadiya Yasin Haji Samatar, announced that 172 lawmakers from both houses voted in favor, two opposed, and one abstained.
The budget, totaling $1,359,714,328, is primarily supported by higher internal revenue projections. It reflects a $263 million rise from the $1.08 billion allocated in 2024.
Somalia's budget stands in contrast to those of East African Community (EAC) countries for 2025:
- Kenya: $31.9 billion (3.1% increase from 2024/25)
- Uganda: $19.61 billion (36% increase)
- Tanzania: $18.85 billion (11.2% increase)
- Rwanda: $4.63 billion (11.2% increase)
- South Sudan: $1.4 billion
- Somalia: $1.36 billion (24.4% increase)
The 2025 budget increase underscores Somalia's efforts to promote fiscal capacity amid regional economic challenges and evolving internal needs.