Dispute over revenue figures and how they are remitted
LIBYA – The Central Bank of Libya said total oil revenues remitted to it from the start of October to Wednesday, 14 October 2026, amounted to only $361 million, while the National Oil Corporation (NOC) replied that sums transferred to the sovereign account at the Libyan Foreign Bank had reached $1,231,631,354.16 by 13 October. NOC said an approved financial mechanism deducts fuel-import allocations from those transfers before the remaining balance is passed to the Central Bank, and called on the Attorney General’s Office to open an investigation into the published figures.
NOC’s response came in a clarifying statement issued from Tripoli on Thursday, 15 October 2026, reacting to a Central Bank statement issued in the same city on the same day. Both institutions stressed the importance of managing oil revenues and financial flows, while differing in how each presented the figures and the remittance mechanism.
Central Bank: $361 million since the start of October
In its statement of Thursday, 15 October 2026, the Central Bank of Libya said it was following expectations for oil-export proceeds and related revenues amid higher oil prices on world markets and the expected improvement in foreign-currency inflows.
The bank said the total value of oil revenues remitted to it from the start of October to Wednesday, 14 October 2026, was only $361 million, without giving further detail in the attached statement on the components of that figure or allocations linked to fuel imports.
NOC: $1.231 billion transferred to the sovereign account
The National Oil Corporation affirmed its continued efforts to strengthen transparency and ensure oil revenues are managed under approved mechanisms, to protect public funds and Libyans’ rights. It expressed surprise and reservations about the Central Bank statement, saying it did not, overall, present the full picture of oil financial flows and could leave inaccurate impressions with the public.
NOC said the $361 million figure cited by the Central Bank did not represent the total amounts transferred to the sovereign account at the Libyan Foreign Bank, which is affiliated with the Central Bank of Libya, explaining that transfers to that account had reached $1,231,631,354.16 by 13 October 2026.
The two figures announced by the institutions thus relate, according to NOC’s clarification, to different stages of the revenue-remittance process, and the Central Bank’s period ends on 14 October, compared with 13 October in NOC’s statement.
Deducting fuel allocations under Decision No. 525 of 2026
NOC explained that funds transferred to the sovereign account are subject to an approved financial mechanism agreed among the Council of Ministers, the Audit Bureau, the Attorney General’s Office, the governor of the Central Bank of Libya and the Libyan Foreign Bank.
Under that mechanism, it said, an amount matching fuel-import allocations is deducted via the Libyan Foreign Bank, in line with the agreement approved by Council of Ministers Decision No. 525 of 2026, after which the remaining balance is remitted to the Central Bank of Libya.
NOC argued that showing only the remaining balance, without stating the total transferred or explaining the settlement related to fuel allocations, does not allow a complete picture of oil-revenue movements and requires the data to be clarified accurately and transparently.
Governor informed of more than $700 million on 8 October
NOC said it had informed the Central Bank governor on 8 October 2026 that transferred amounts had exceeded $700 million, as part of coordination and the exchange of financial information between institutions.
It said the omission of that information from the Central Bank statement raised questions, in its view, about whether the information given to the public was complete, and called for a comprehensive official clarification.
Accusation of withholding budgets and the impact on the sector
In another point, NOC accused the Central Bank of Libya of withholding budgets approved by the government and not passing them on to the corporation, saying that was affecting implementation of its plans and programmes and the sector’s financial obligations.
It said the effects included, according to its statement, the efforts needed to maintain production stability and carry out development and maintenance projects.
UN briefing and fuel-subsidy pressures
NOC linked the dispute over how financial data are presented to what was said in the briefing by the UN Secretary-General’s Special Representative to the Security Council on 14 October on pressures that the fuel-subsidy system places on Libya’s public finances.
It noted that higher global fuel prices since mid-2026, especially for diesel, were increasing financial pressures on the state, according to the briefing, arguing that this underlined the importance of presenting oil revenues and fuel-import costs within an integrated financial framework showing the link between revenues realised and spending to secure fuel for the domestic market.
Call for an independent, comprehensive Attorney General probe
The National Oil Corporation called on the Attorney General’s Office to open a comprehensive, independent investigation into the figures and data in the Central Bank of Libya statement, to verify the total amounts transferred to the sovereign account, the financial settlement mechanism, and why related data were not presented in full, with a view to assigning responsibility and informing citizens of the true picture of the transactions.
NOC reiterated that it would continue working to maintain production stability, raise the efficiency of oil-resource management and improve disclosure of revenues and financial flows, to strengthen transparency, accountability and coordination among state institutions.
It stressed at the end of its statement that its aim was not to enter into a dispute with any national institution, but to present the full facts and strengthen confidence in the management of public funds and cooperation among institutions in a way that protects Libyans’ rights.
