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BAKU, Azerbaijan, December 2. The share of non-oil revenues in the state budget of Azerbaijan is projected to reach 69-70% in 2029, Minister of Finance Sahil Babayev said during the second reading discussion of the draft law "On the State Budget of Azerbaijan for 2026" at a plenary session of the parliament today, Trend reports.
He posits that the proportion of non-oil fiscal inflows within the 2026 integrated budgetary framework will escalate by five basis points relative to the existing iteration, culminating at 63%.
The minister articulated that in the forthcoming fiscal year, a substantial two-thirds of the aggregated budgetary allocation will be sourced from the non-oil sector, and this trajectory is poised to persist.
"Forecasts for 2029 show that this figure will be increased to 69–70% within the framework of expenditures. Steps taken in this direction will allow us to further reduce our country's dependence on oil and accelerate the development of the non-oil sector," he added.
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