The National Union for the Total Independence of Angola (UNITA, the largest opposition party) estimated that the Angolan government benefited from additional gross oil revenues of more than $10 billion between 2024 and 2026, and called for an “urgent parliamentary debate.”
According to UNITA, in gross terms, additional oil revenues in Angola are estimated to have exceeded $10 billion during this period.
In terms of additional tax revenues, the extraordinary gains accumulated between 2024 and June 1, 2026, ranged from $2.3 billion to $4 billion, “directly or indirectly linked to price increases driven by geopolitical tensions in the Middle East,” stated Albertina Ngolo, MP and chair of UNITA’s parliamentary group.
Speaking at a press conference, Ngolo emphasized that these figures “demonstrate that Angola is benefiting from one of the largest cycles of extraordinary oil revenues since the post-pandemic period.” However, she noted that the “strategic issue” remains the same, as she believes the country continues to be overly dependent on external shocks to balance its public accounts.
“Today, it is a war that sustains part of the fiscal balance. Tomorrow it could be a ceasefire, a global recession, a slowdown in China, or an oil supply glut that quickly wipes out these gains,” she noted.
He also noted that the “real question” is whether Angola is “turning these extraordinary surpluses into an opportunity to finally reduce its structural dependence on oil,” adding that “even more important is whether these resources are being invested in improving the living conditions of Angolan families.”
The Angolan lawmaker insisted on the need for the Angolan government to report to the National Assembly “on the use of these millions, just as it turns to parliament to revise the budget downward when the international price of a barrel of oil falls below the reference price.”
UNITA calculations project that Angola will achieve additional fiscal gains in the oil sector between $1.2 and $2.5 billion by 2026 if the price per barrel of oil remains between $80 and $93, above the $61 benchmark (the reference price in the 2026 State Budget).
“In June 2026, Brent (the main benchmark for Angola) rose to $93.37 per barrel, remaining above the budget benchmark, which represents significant fiscal leeway for Angola,” stated Albertina Ngolo.
Source: Lusa
