Baku: Finance Minister Sahil Babayev emphasized the ongoing efforts to reduce the state budget's dependence on oil revenues during a plenary session of the Milli Majlis. The discussion focused on the draft law "On the Execution of the 2025 State Budget," highlighting the significant strides made in developing the non-oil sector.

According to Azeri-Press News Agency, Babayev reported that the GDP in the non-oil and gas sector reached 92.3 billion manats, making up 71.5% of the total GDP. This marks a real growth of 2.7% compared to 2024. The minister highlighted that non-oil revenues in the consolidated budget now account for 55.2%, with non-oil tax revenues increasing to 25%, reflecting a rise of 2.8 and 2 percentage points respectively from the previous year.

Babayev detailed the five-year progress, noting that the share of non-oil revenues in total state budget revenues grew from 43.3% to 52%. The 2026 state budget aims to further increase this share to 57.4%. During the reported period, 92% of current expenditures were covered by non-oil revenues, surpassing the forecast by 7.5 percentage points and slightly exceeding the 2024 figure by 0.2 percentage points. The minister stated the goal is to reach 100% by 2029.

He reiterated the government's commitment to developing the non-oil sector and reducing reliance on oil revenues. Continuous measures are being implemented to increase and diversify non-oil sector revenues, with the issue under constant supervision.