RIYADH  - Saudi Arabia’s council of ministers on Saturday agreed a record consolidated budget for 2013 with revenues expected to hit $221 billion (167 billion euros), state television Al-Ekhbariyah said.

Revenues in the oil-rich Gulf state are projected to reach 829 billion riyals ($221.06 billion), while expenditure is planned at 820 billion riyals ($218.7 billion), the news channel reported.

“The council of ministers has passed the largest budget in the history of the kingdom,” it added. Ailing King Abdullah who underwent a back operation last month presided over the council meeting.

“There is plenty of wealth, thanks be to Allah,” the monarch said in a shaky voice, addressing his ministers, according to TV footage.

“You have no excuse after today for any dereliction or complacency,” he said, according to Al-Ekhbariyah.

Saudi Arabia is the world’s largest exporter of crude oil which is the major contributor to the kingdom revenues.