Libya’s 2012 proposed Budget draws heavily on oil revenues, forecast to reach about $54 billion (€41 billion), to compensate for the loss of corporate tax revenues in last year’s conflict.

“Libyan state revenues for this year will depend heavily on oil revenues,” a senior official said.

“The National Oil Corporation projects oil revenues at about €41 billion or around $54 billion,” the interim government said in a report on its Budget debate.

It said the Budget was heavily reliant on the oil sector to compensate for losses in corporate tax revenues, as both private and public firms had suffered financial losses in the 2011 conflict that ousted Muammar Gaddafi.

Libya’s interim government has proposed a 2012 budget of $55 billion as the country undertakes reconstruction efforts and gears up for its first elections since Gaddafi’s regime was toppled.

The proposed Budget must be approved by the ruling National Transitional Council.

Libyans are to elect a constituent assembly in June.