Saudi Arabia's finances are getting slammed by the crash in oil prices.

The government spent way more than it collected in 2015 -- leading to a budget deficit of nearly $100 billion.

Oil accounts for 75% of Saudi Arabia's revenue, and when crude prices were sky high, the country enjoyed frequent budget surpluses. Now oil has collapsed below $35 a barrel, compared to over $100 in mid-2014.

Saudi Arabia also said it spent more than expected on social security benefits and salaries for government workers and military members.

As a results, cuts are coming: The budget calls for a 14% reduction to 840 billion riyals ($224 billion), down from 975 billion ($260 billion).