Muscat: The Sultanate of Oman's general revenues witnessed an increase of six percent until the end of the first quarter (Q1) of this year to RO3.217 billion, compared to 2. 767 billion during the same period in 2022.
The net oil revenue is RO1,707 million, while the net gas revenue is RO720 million and the current revenue is RO787 million.
The total current expenditure is RO2,027 million while total contributions and other expenses are RO227 million.
The state budget also reported a surplus of R450 million for Q1, 2023.
Public spending saw an increase of RO99 million or 4 percent from actual spending during the same period in 2022.
At the end of the first quarter of this year, the Ministry of Finance paid more than RO 325 million in dues to the private sector.
The performance Based Budget (PBB) is an advanced approach to financial planning that identifies public spending priorities and links expenditures to objectives and activities. The PbB aims to prepare an integrated budget combining the current budget and development budget.
The PBB aims to achieve maximum efficiency in allocating available resources, provide better fiscal planning, achieve high levels in terms of performance and accountability, and enhance the efficiency of public spending management.
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