Dr. Muhammad Makni, a professor of finance and investment at Imam University, claims that the Saudi budget statistics for the first quarter of 2022 are the highest at the ministry’s quarterly budget level.
He added that it is an indication of the government’s seriousness in continuing to control spending, enhance revenues, diversify the economy, and work on the initiatives of Vision 2030.
Dr. Muhammad Makni added that the surplus achieved in the first quarter of 57 billion riyals represents two-thirds of the target number during the year as a whole of 90 billion riyals.
He said this is a number that calls for optimism, with the possibility of exceeding the expected surplus this year by a very large margin.
Dr. Muhammad explained that the surplus is supported by the rise in oil prices during the first quarter of 2022 on an annual basis, by 30%, and the increase in the level of production by about 2.5 million barrels per day.