Controversy has erupted today over the discrepancy between the National Oil Corporation’s (NOC) and Central Bank of Libya’s (CBL) reported figures of Libya’s oil revenues up to 13 October 2026.
The CBL has reported that it has only received approximately 361 million US dollars from the NOC. The NOC, meanwhile, insists that it has transferred to the Libyan Foreign Bank (an affiliate of the Central Bank of Libya) a total of 1,231,631,354.16 (US$ 1.231 billion) US dollars as of October 13, 2026.
Meanwhile, as of the time of publication of this article, there has been no comment from the LFB. The Chairman of LFB is Mohamed Ali Addarrat.
In incident as seen as further proof, if needed, of the extent of administrative and financial confusion among Libya’s sovereign institutions and their weakness and lack of accountability and transparency. The incident adds to institutional distrust and weakens the case for democracy, the democratic process and democratisation.
In response to the huge media controversy, the NOC issued what it called a ‘‘Clarification Statement Regarding Oil Revenues and the Mechanism for Their Remittance’’.
Here is its statement in full:
‘‘The National Oil Corporation (NOC) reaffirms its ongoing commitment to enhancing transparency and ensuring that oil revenues are managed in accordance with established frameworks and mechanisms—thereby safeguarding public funds and protecting the rights of the Libyan people.
In this context, the NOC has reviewed the statement issued by the Central Bank of Libya (CBL) concerning oil revenues. The NOC expresses its surprise and reservations regarding the information presented, which, in its entirety, fails to provide a complete picture of the financial flows associated with oil revenues. Such a presentation risks creating inaccurate impressions among the public regarding the true nature of these revenues and the mechanisms by which they are managed.
The NOC wishes to clarify that the figure cited in the CBL’s statement—approximately 361 million US dollars—does not represent the total amount transferred to the sovereign account held at the Libyan Foreign Bank (an affiliate of the Central Bank of Libya). In fact, the total amount transferred to this account reached 1,231,631,354.16 US dollars as of October 13, 2026.
These funds are subject to an approved financial mechanism, established through coordination between the Council of Ministers, the Audit Bureau, the Office of the Prosecutor General, the Governor of the Central Bank of Libya, and the Libyan Foreign Bank.
Under this mechanism, amounts equivalent to the value of letters of credit for fuel imports—facilitated through the Libyan Foreign Bank—are deducted, in accordance with the agreement authorized by Council of Ministers Resolution No. (525) of 2026. The remaining balance is then transferred to the Central Bank of Libya. Consequently, presenting only the remaining balance—without disclosing the total funds transferred or clarifying the financial settlement mechanism for fuel import credits—fails to provide a comprehensive picture of oil revenue flows. It is essential that all relevant data be presented with complete accuracy and transparency.
The Corporation confirms that, on October 8, 2026, it informed the Governor of the Central Bank of Libya that the total funds transferred exceeded 700 million US dollars—a communication made as part of ongoing institutional coordination and the exchange of financial information. Therefore, the omission of these figures from the Central Bank’s statement raises legitimate questions regarding the completeness of the information provided, necessitating an official clarification to present the facts to the public.
Central Bank of Libya is withholding budgets
In the same vein, the Corporation notes that the Central Bank has withheld the budgets approved by the government, failing to release them to the Corporation. This has hindered the implementation of the Corporation’s plans and programmes, including the fulfilment of financial obligations within the oil sector, the maintenance of production stability, and the execution of development and maintenance projects.
These issues take on added significance in light of the briefing delivered by the Special Envoy of the UN Secretary-General to the Security Council on October 14, 2026. The briefing highlighted the financial pressures stemming from Libya’s fuel subsidy system, noting that the rise in global fuel prices—particularly for diesel—since mid-2026 has exacerbated the financial strain on the state.
This underscores the necessity of addressing the matters of oil revenue and fuel imports within an integrated financial framework—one that clearly delineates the relationship between generated revenues and the costs incurred to meet the domestic market’s fuel requirements.
Acting in accordance with its national responsibility, the National Oil Corporation (NOC) reaffirms its ongoing commitment to ensuring production stability, enhancing the efficiency of oil resource management, and developing mechanisms for the disclosure of revenues and related financial flows—all with the aim of embedding the principles of transparency, accountability, and integration among state institutions.
NOC calls upon Office of Prosecutor General to initiate investigation into figures presented
In the interest of uncovering the truth and safeguarding public funds, the NOC calls upon the Office of the Prosecutor General to initiate a comprehensive and independent investigation into the data and figures presented in the statement issued by the Central Bank of Libya.
This investigation should verify the total amounts transferred and the mechanisms for their reconciliation, as well as the reasons why the relevant data was not presented in its entirety. Such a process will ensure that responsibilities are clearly defined and the truth is revealed to the Libyan people, free from speculation or incomplete information.
The NOC emphasizes that the purpose of this clarification is not to engage in a dispute with any other national institution, but rather to ensure that the full facts are presented, to bolster confidence in the management of the state’s financial resources, and to foster cooperation among state institutions in a manner that serves the public interest and protects the rights of the Libyan people.’’
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