Deputy Minister for the Budget Fouzi Lekjaa stated on Monday in the House of Representatives that the State’s regular income reached MAD 424 billion for the year 2025, up 14.2% compared to 2024.
In response to questions on the results of the implementation of the 2025 Finance Bill, Lekjaa explained that this change is mainly attributable to the significant increase in tax revenues, which rose by MAD 43.8 billion, with an achievement rate of 107% compared to the 2025 Finance Bill forecasts.
He reported an increase in corporate income tax (CIT) revenue to MAD 91.4 billion, value added tax (VAT) revenue to MAD 97.7 billion, and income tax (IT) revenue to MAD 65.4 billion, with an achievement rate of 107.4%.
Customs duties rose by 12.9% to MAD 17.2 billion in 2025, the minister said, adding that domestic consumption tax revenues increased by 13.8% to MAD 41.5 billion.
“This increase in tax revenues once again confirms the positive momentum witnessed over the past four years,” said Lekjaa, noting that revenues achieved an average annual growth rate of 12.4% over the period 2021-2025.
This positive performance, he argued, made it possible to cover the increase in personnel expenses, which rose by MAD 15 billion, in order to allow civil servants to benefit from the salary increases decided upon in the context of social dialogue, as well as to finance the project to extend social protection, whose expenses reached MAD 37.7 billion in 2025, compared to MAD 32 billion in 2024.
The minister also noted that this strong revenue performance contributed to maintaining the momentum of public investment, with issuance increasing by MAD 7.8 billion compared to 2024, bringing total payments to MAD 125.3 billion, with an issuance and payment rate of 76%.
According to Lekjaa, this improvement in revenues, combined with rigorous expenditure management, made it possible to contain the budget deficit to 3.5% in 2025, the level set by the finance bill, while reducing the Treasury’s debt to 67.2% of gross domestic product (GDP), compared with 67.7% in 2024.
In addition, he assured that this trajectory will continue over the next few years, with the budget deficit expected to stabilize at around 3% over the period 2026-2028, “which will put the Treasury’s debt on a downward trajectory to reach 64% of GDP by 2028.”
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