The Somali cabinet has approved the 2024 budget worth over $1 billion.
The Council of Ministers held an extraordinary session under the leadership of Prime Minister Hamza Abdi Barre.
Cabinet ministers indicated that the increase is a product of several factors.
The factors in question include widening expenditure and a booming domestic revenue base.
Next year’s budget is worth a whopping $1,025,687,991.
This represents the first time that Somalia’s budget has crossed the $1 billion mark. Last year’s budget was $997 million.
Somalia will spend much of the budget on boosting security, improving social services, and achieving debt relief.