Custodian of the Two Holy Mosques King Salman on Tuesday announced the budget for the fiscal year of 2018 at the Council of Ministers session at Al-Yamamah Palace in Riyadh, yesterday.
The new budget for 2018 shows a spending of SR978 billion, a net increase of 5.6 percent compared to last budget. This is largest budget ever seen for Saudi Arabia. Last year, the Saudi Arabian budget was SR926. The new budget is 32 billion short of SR 1 Trillion Saudi Riyals.
However the revenue or the earning this year by government is SR783 billion, compared to the revenues of SR696 billion in 2017, an increase of 12.5 percent.
Much revenue for the new budget expected to be generated from oil in addition Taxs and Fee on government services.