(Business in Cameroon) - Cameroon collected XAF584.5 billion of oil revenues in 2019, according to the report on budget implementation recently published by the Ministry of Finance. The report indicates that this envelope exceeded (by XAF78.5 billion) the collection target of XAF584.5 billion.
"This performance was due to the favorable oil prices" on the international market, the Ministry of Finance explains. In detail, the national hydrocarbon corporation SNH collected XAF471.5 billion of oil royalties while the government collected XAF113 billion as taxes on oil companies.
In comparison with the 2018 financial year, Cameroon’s oil revenues grew by XAF84.3 billion (+16.8%) during the year under review. “With such performance, oil revenues’ contribution to domestic revenues rose from 14.6% in 2018 to 16.7% in 2019,” the Ministry of finance adds.