(Business in Cameroon) - Cameroon’s finance ministry reveals that during the 2017 fiscal year, the oil revenues it generated was CFA385.9 billion. This represents a decrease by CFA39.1 billion (-9.2%) compared to the revenues during the 2016 fiscal year.

CFA319.4 billion of these revenues were the oil royalties collected from Société nationale des hydrocarbures (SNH) and the remaining CFA66.5 billion were the tax paid by oil companies.

Compared to the CFA455.1 billion target, the finance department reveals that it represents an 84.8% success rate. According to the ministry, this is the result of the price decline on the international oil market.

On another note, however, the country’s performance as far as non-oil revenues are concerned is good. Indeed, by December, 31, 2017, non-oil revenues were CFA2,671.2 billion against CFA2,413.3 billion on a year-on-year basis; a 10.7% (CFA257.9 billion) increase.  This result is short by CFA17 billion Compared to the target for non-oil revenues which was CFA2,688.2 billion and it represents a 99.4% success rate. According to the ministry of finance, this relative underperformance is mainly due to the customs and non-tax revenues.

Sylvain Andzongo