In an urgent meeting held Tuesday evening, the Council of Ministers of the Federal Republic of Somalia approved a significant increase in the national budget for the fiscal year 2025. The new budget, totaling $1,342,476,311, represents a 24.4% increase from the previous year’s budget of $1,079,315,783.
The Ministry of Finance presented the budget plan, outlining various sources of income contributing to the $263,160,528 increase. A key factor in this growth is the implementation of a 5% sales tax in Mogadishu, marking the first time such a measure has been officially enacted in the capital city.
This substantial budget expansion signals the government’s commitment to boosting fiscal resources and potentially expanding public services. The increase may also reflect growing economic activity and improved revenue collection mechanisms in the country.
HORSEED MEDIA
