Libya has approved its first unified national budget in more than 13 years after a United States mediated agreement between rival eastern and western political blocs.
The Central Bank of Libya announced on Saturday that representatives of the Benghazi based House of Representatives and the Tripoli based High Council of State had signed a deal to harmonise public spending across the divided country.
The bank described the move as real progress towards unifying fiscal policy and improving the management of state finances, calling it the first consensus on a single spending framework since before the 2011 uprising.
Libya has struggled with political fragmentation and conflict since the fall of longtime ruler Muammar Gaddafi during the Arab Spring. Power remains split between a UN recognised government in Tripoli led by Prime Minister Abdulhamid Dbeibah and an eastern administration backed by military commander Khalifa Haftar.
The new budget agreement was signed by Issa Al Arebi for the eastern based parliament and Abdul Jalil Al Shawish for the Tripoli based High Council of State.
Despite earning 22 billion dollars in oil revenue last year, up more than 15 percent from the previous year, Libya still faces a foreign currency deficit of 9 billion dollars, according to the central bank.
In January, the bank devalued the Libyan dinar by nearly 15 percent for the second time in less than a year, blaming the move on the absence of a unified budget and other structural problems.
The bank said the new agreement should help strengthen financial stability and praised what it called the positive role of the United States in supporting mediation between the rival Libyan institutions.
Prime Minister Dbeibah thanked Trump’s senior adviser on Arab and African affairs, Massad Boulos, for backing the talks that led to the deal.
He said the budget breakthrough was a hopeful step but warned that the real test would be the genuine commitment of all parties to translate it into visible improvements in the daily lives of Libyan citizens.
Libya holds Africa’s largest proven oil reserves at around 48.4 billion barrels and currently produces about 1.5 million barrels per day, with plans to raise output to 2 million barrels per day.
About the author
Ayra Starr earns UK silver certification for Bloody Samaritan milestone
Nigerian singer Ayra Starr's 2021 hit song "Bloody Samaritan" has earned a Silver certification from the British Phonographic Industry (BPI) in the United Kingdom, marking 200,000 combined sales and streaming units for the track that became a cultural phenomenon. The silver certification adds to the song's growing list of international achievements, including Platinum certifications in the UK, Canada and New Zealand, and a Diamond certification in France. The track was the lead single from Ayra Starr's debut album "19 & Dangerous" and was released on July 30, 2021. "Bloody Samaritan" made Ayra Starr the first female artist to reach number one on Nigeria's TurnTable Top 50 chart with a solo single. The song also charted internationally, reaching number 34 in Suriname and gaining widespread recognition across multiple territories. The track has been certified 2× Platinum by the TurnTable Certification System […]
BNXN says living in Lagos is more expensive than living in the US
Nigerian singer and songwriter BNXN (formerly Buju) has said that it is now more expensive to live in Lagos than in the United States, citing the dramatic rise in housing, food, electricity and transportation costs in Nigeria's commercial capital. BNXN made the revelation during an interview, explaining that the cost of maintaining a developed country lifestyle in Nigeria has become extremely high. He noted that while Nigeria is a least developed country, maintaining first-world standards of living there is hard and expensive. The singer explained that for an average person, living in Lagos costs about 6.9 times more than the average salary because imported lifestyle expectations make everyday expenses disproportionately high. This includes housing, food, transport, energy and other essential costs. BNXN's comments highlight the growing economic pressure on Nigerians trying to maintain modern lifestyles in Lagos. The city is […]
Chelsea confirms four players will leave club ahead of new season
Chelsea Football Club has confirmed that four players will leave the club this month when their current contracts expire on June 30 as the Blues announce their retained and released squad list ahead of the new Premier League season under incoming manager Xabi Alonso. The four departing players are midfielder Sam Rak-Sakyi and Finnish youth international Jimi Tauriainen, along with fellow youth players Richard Olise and Brodi Hughes. All four have been informed they will be released when their contracts expire. The Premier League officially announced Chelsea's list of players retained or released at the end of the 2024/25 season. This follows the announcement that young striker Ronnie Stutter will move to a month-to-month contract with the club instead. Chelsea have confirmed their squad list ahead of the new season as they prepare for Xabi Alonso's arrival at Stamford Bridge. […]
Ronaldo Iwobi headline as Nigeria and Portugal meet in Leira friendly match tonight
Nigeria's Super Eagles and Portugal's Seleção das Quinas will face off in central Portugal's town of Leiria tonight in an international friendly that promises fierce competition despite its tag. The match kicks off at 8.45pm Portugal time, which is the same time as in Nigeria. Before kick-off, Nigeria will honour midfielder Alex Iwobi as he collects his 100th senior cap for the Super Eagles. This milestone is an inspiration and occasion for the Trojan to exert dominance in midfield against Roberto Martinez's World Cup-bound Portuguese stars. Portugal's lineup includes Messi-rival Cristiano Ronaldo, Bruno Fernandes and an attacking band of Pedro Neto, Francisco Trincão supporting the legendary forward. The Spanish champions are set up in a 4-2-3-1 formation with José Sá in goal, a back four of Diogo Dalot, Tomás Araújo, Gonçalo Inácio and João Cancelo, a double pivot of Samú […]
Northern Elders tell Tinubu Nigeria is bleeding declare national security emergency
The Northern Elders Forum (NEF) on Wednesday faulted President Bola Ahmed Tinubu's administration over worsening insecurity across Nigeria, declaring that the country is bleeding under the weight of escalating violence, kidnappings and banditry. The Forum called on the Federal Government to immediately declare a National Security Emergency and implement extraordinary measures to reverse the current security situation. NEF spokesperson Professor Abubakar Jiddere said the government has a constitutional and international obligation to protect lives and property. The directive included demands for the immediate deployment of adequately trained, armed and equipped security forces with clear rules of engagement to protect civilian populations and secure international border regions. NEF called for strengthening border control and regional cooperation with neighbouring states under ECOWAS and African Union protocols to stem cross-border incursions by armed criminal groups. The Forum also urged engagement of international partners […]
Iran strikes US bases in Jordan and Bahrain in retaliation for US attacks in Hormuz
Iran's Islamic Revolutionary Guard Corps (IRGC) has launched strikes on United States military installations in Bahrain, Jordan and Kuwait in retaliation for US airstrikes on Iranian ports and islands in the Strait of Hormuz following the downing of an Apache attack helicopter. In a statement released through state media on Wednesday, the IRGC reported it executed drone strikes against the US Fifth Fleet in Bahrain and the Ali Al Salem base in Kuwait, along with a long-range missile attack targeting an airbase in Azraq, Jordan. The IRGC indicated it hit 21 US targets, claiming to have destroyed four of them, which included a hangar for F-35 fighter jets at the Jordanian base. It also asserted that a US MQ-9 drone was downed over the Iranian city of Jam. Bahrain and Kuwait both sounded alerts and fired air defenses in response […]
Related
Iran strikes US bases in Jordan and Bahrain in retaliation for US attacks in Hormuz
Iran's Islamic Revolutionary Guard Corps (IRGC) has launched strikes on United States military installations in Bahrain, Jordan and Kuwait in retaliation for US airstrikes on Iranian ports and islands in the Strait of Hormuz following the downing of an Apache attack helicopter. In a statement released through state media on Wednesday, the IRGC reported it executed drone strikes against the US Fifth Fleet in Bahrain and the Ali Al Salem base in Kuwait, along with a long-range missile attack targeting an airbase in Azraq, Jordan. The IRGC indicated it hit 21 US targets, claiming to have destroyed four of them, which included a hangar for F-35 fighter jets at the Jordanian base. It also asserted that a US MQ-9 drone was downed over the Iranian city of Jam. Bahrain and Kuwait both sounded alerts and fired air defenses in response […]
UK considers easing work visa rules for Nigerians and other skilled workers
The United Kingdom is reviewing proposals to ease work visa rules for Nigerians and other skilled workers from countries facing tight labour shortages in key sectors such as healthcare, technology and engineering. The proposals under consideration include adjustments to the Immigration Salary List and the introduction of new temporary shortage measures that would provide time-limited access to the Skilled Worker route for occupations below the current graduate-level requirement. These measures would allow certain occupations to be sponsored for Skilled Worker visas even if they fall below RQF Level 6 (UK bachelor's degree level), but with strict conditions that applicants cannot bring dependants to the UK. The UK government has publicly named Nigeria, India and Pakistan among the countries it is monitoring closely for immigration control purposes. The "visa brake" mechanism introduced in March 2026 can refuse certain applications based on […]
Iran says US strikes damage diplomatic efforts to end Middle East conflict
Iran's Foreign Ministry said Wednesday that the United States is undermining ongoing diplomatic efforts to end the Middle East conflict by carrying out additional strikes on targets in southern Iran and sending contradictory messages about the negotiations. Foreign Ministry spokesman Esmaeil Baghaei said in a video message carried by Iranian media that the United States is damaging the diplomatic process through contradictory messages, repeated shifts in positions and demands, and repeated violations of the ceasefire. Baghaei stated that any diplomatic process is harmed by the use of force and by resorting to unlawful actions on the ground. He emphasized that the strikes contradict the spirit of ongoing negotiations mediated by international partners. In a separate statement carried by the semi-official Tasnim news agency, Iran's Foreign Ministry condemned the attacks and said the country's armed forces have severely targeted US bases […]
Trump Says Peace Deal With Iran in Final Stages
President Donald Trump said on Wednesday that negotiations with Iran were "in the final stages," while warning of further attacks unless Tehran agrees to a peace deal. "We're in the final stages of Iran. We'll see what happens. Either have a deal, or we're going to do some things that are a little bit nasty, but hopefully that won't happen," he told reporters. Trump announced that he is in the "final stages" of negotiating an agreement with Iran, which he anticipates could be finalized within the next "two to three days," following a recent surge in hostilities. The president claimed he is in "no hurry" to finalize a peace agreement with Iran, suggesting that he would not consider making a "limited deal" only focused on reopening the Strait of Hormuz. On May 27, Trump said both sides were close to […]
Pope Arrives Barcelona to Bless World’s Tallest Church
Pope Leo XIV is making an ongoing apostolic journey to Spain on June 6–12, 2026, to address the immigration crisis, inaugurate the Tower of Jesus Christ of the Sagrada Familia, and strengthen ties with the Spanish government and Spaniards. The Pope arrived at Josep Tarradellas Barcelona–El Prat Airport mid-day on June 9, where he will proceed to a prayer at the Cathedral of the Holy Cross and Saint Eulalia, followed by a prayer vigil in the evening at the Lluís Companys Olympic Stadium. In the evening, the Pope will go to the Sagrada Familia to inaugurate and bless the recently-completed Tower of Jesus Christ, main and tallest tower of the basilica with a height of 172.5 meters (566 feet), making the Sagrada Familia the tallest church in the world. After the Mass, Pope Leo XIV will go outside the Basilica […]
Trump Booed at Historic NBA Finals Appearance
US President Donald Trump faced a mixed reception at Madison Square Garden on Monday as he became the first sitting American president to attend an NBA Finals game. The president's appearance at the highly anticipated matchup between the New York Knicks and the San Antonio Spurs triggered extensive security measures around the arena, causing long delays and frustration for thousands of fans attempting to enter the venue. Many spectators waited for hours in lines stretching several city blocks before tip-off. The heightened security also led to road closures and restrictions around the area, significantly disrupting normal activity in Midtown Manhattan. Boos erupted inside the arena when Trump appeared on the giant screens during the national anthem. While some fans applauded, many others voiced their disapproval, creating a noticeable reaction throughout the stadium. Trump attended the game alongside his granddaughter Kai […]