Finance

Home page

Finance

Sahil Babayev: Dependence on oil continues to decline

11 November 2026 11:25 (UTC +04:00)

"Dependence on oil continues to decline," Finance Minister Sahil Babayev said at a joint meeting of the Milli Majlis committees on Legal Policy and State Building; Defense, Security and Combating Corruption; Human Rights; and Regional Affairs, APA reports.

The minister stated that the ratio of current expenditures covered by non-oil revenues stands at 90.1%.

"This is 2.1 percentage points higher compared to 2026. The target is to bring this figure to 100% by 2030. The share of non-oil revenues in the consolidated budget is 64.5%, which is 1.5 percentage points higher compared to 2026. Our target is to increase this figure to 70.4% by 2030," he said.

Firuza Vahid

Azerbaijan Sahil Babayev Finance Ministry oil dependence non-oil revenues state budget consolidated budget economic diversification current expenditures Milli Majlis fiscal policy 2030 targets