Somali Government Revenue Rises by $27 Million in Four Months

Published: May 9, 2024

Mogadishu, Somalia (Horseed Media) – Somalia’s Finance Minister Bihi Iman Cige announced this week that the federal government’s revenue has increased significantly in the first four months of 2024 compared to the same period last year.

Speaking at a press conference in Mogadishu, Minister Cige stated that government revenue from January to April 2024 totaled $116 million, a $27 million or 30% increase over the $89 million collected during the same four-month period in 2023.

“Two years ago, from January to April 2022, the government’s revenue was only $73 million,” Cige said. “This year’s figures demonstrate major progress in boosting domestic income through reforms to strengthen our financial management systems and leveraging modern technology for tax collection.”

The Finance Minister attributed the revenue gains to ongoing efforts to overhaul Somalia’s tax policies and administration. He reaffirmed the federal government’s commitment to continuing fiscal reforms as part of the country’s debt relief process.

“The significant increase in domestic revenue over the past few months is an effective and commendable achievement that will support our advancement toward comprehensive debt relief,” Cige told reporters.

Somalia has made gradual economic progress in recent years after decades of civil conflict, though it remains one of the world’s poorest and most fragile nations. The boost in tax receipts could help the government increase spending on essential services and infrastructure.