Minister: Share of non-oil and gas revenues in Azerbaijan's budget to reach 70% by 2029

The share of non-oil and gas revenues in Azerbaijan's consolidated budget is planned to increase to 69-70% by 2029, Finance Minister Sahil Babayev said during the second reading of the 2026 state budget at a plenary session of the Parliament, according to Report.

"We should minimize the dependence of the Azerbaijani economy and state budget on oil and gas and provide special support for the development of the non-oil and gas sector. I want to emphasize that this is one of the key parameters of the expenditure framework and budget package we have developed for 2026 and the next three years," he said.

The minister noted that next year, the share of non-oil revenues in Azerbaijan's consolidated budget will increase by 5 percentage points compared to the current year, reaching 63%.

"Therefore, next year we will provide two-thirds of our consolidated budget from the non-oil and gas sector. And this trend will continue. Our 2029 expenditure forecast calls for this figure to reach 69-70%. And the series of steps that will be taken in this direction will undoubtedly further reduce our country's dependence on oil and gas and create conditions for broader development of the non-oil and gas sector," he noted.