The Senegalese government presented the results of the budget execution report for the third quarter of 2025. According to the report, for the first nine months of 2025, general budget revenues amounted to "3,254 billion", or "69.7% of the annual target".

Tax revenues represent the largest share at 2,987.9 billion, which corresponds to 72.9% of the annual target. Domestic value-added taxes, registration fees, and levies on goods and services contributed significantly to this performance.

Invited to the Seneweb Eco program this Sunday, November 23, economist Ben Aya believes this effort is noteworthy, as tax revenues show a 7.6% increase compared to 2024. However, he considers a weakness to remain: "We are only at 18% of what was projected" for donations, or approximately 52 billion. "This is an indicator that needs improvement," he emphasizes.

Referring to public spending, economist Amadou Moustapha Niang states that it reaches "4,313 billion", or "67.8%" of the forecasts of the amending finance law.

He notes that these ordinary expenditures consist primarily of current transfers, the wage bill, and debt servicing. The latter amounts to 705.7 billion, confirming its status as one of the state's major structural expenses. For Mr. Ben Aya, this situation, while not new, remains a cause for concern.

"If today 70% of our spending is made up of ordinary expenses, that's a problem," he believes, while acknowledging that it stems from a heavy institutional legacy.

At the end of September 2025, the budget deficit stood at 1,059 billion, or 4.89% of GDP, a level lower than the projected trajectory of 7.92% in the supplementary budget law. "The deficit is contained," Amadou Moustapha Niang stated.

Of the public investments, which primarily focused on transportation, energy, water resources, health, and education, over 297 billion was allocated to sectors with high social impact, including access to water, agricultural production, electrification, and rural roads. Structuring projects such as highway construction, irrigation systems, railway infrastructure, and energy programs like "Gas-to-Power" are among the priorities. "We are currently fueling the engines of growth with roads, railways, ports, and especially access to water," explains Ben Aya.

However, the economist believes that "Senegal has virtually no growth engine at all," a reality the government is trying to change. He believes the current, more nationalist strategy aims to reduce external dependence and strengthen domestic economic foundations. Amadou Moustapha Niang offers a more nuanced perspective, noting that the National Transformation Agenda outlines three phases: "recovery, impetus, acceleration," and that Senegal has already identified key drivers for the future, particularly "digital technology and agriculture," which are poised to play a central role in growth in the coming years.