Libyan rivals unify spending after 13-year divide, $22 billion oil revenue gap

Libya's rival governments signed US-mediated agreement to unify public spending for first time in over 13 years, central bank announced Saturday. The deal bridges the divide between Tripoli government led by PM Dbeibah and eastern Benghazi administration backed by military leader Haftar.

Despite generating $22 billion in oil revenues (15% increase from previous year), Libya faces $9 billion foreign currency deficit. Central bank had devalued dinar by nearly 15% twice in less than a year due to lack of unified budget.

Africa's largest oil producer with 48.4 billion barrels reserves currently produces 1.5 million barrels daily, seeking to increase output to two million. US adviser Massad Boulos supported mediation efforts that led to this agreement.

"This is promising, but true test remains serious commitment of all parties," Dbeibah stated. For Nigeria - another oil-producing nation - this could signal potential regional cooperation models for managing oil revenues amid currency challenges.

SOURCE: https://www.channelstv.com/2026/04/11/libya-approves-first-unified-state-budget-in-13-years/