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Cameroon: Oil revenues 25.6% up despite 11.9% drop in oil prices in Jan-Sep 2019

Cameroon: Oil revenues 25.6% up despite 11.9% drop in oil prices in Jan-Sep 2019
  • Comments   -   Monday, 13 January 2020 13:24

(Business in Cameroon) - During the first nine months of 2019, Cameroon's oil revenue reached XAF431.7 billion, up by XAF88.1 billion (+25.6%) year-on-year.

According to the Ministry of Finance, which revealed this information in its report on the state budget at the end of September 2019, this increase is due to “the increase in oil production, which compensates for the 11.9% year-on-year drop in world oil prices.

Of this revenue package, it is reported, XAF352.6 billion represents funds transferred to the Public Treasury by the National Hydrocarbons Company (SNH), while XAF79.1 billion was collected as taxes on oil companies.

It can also be observed that oil revenue was one of the few items where the public administration met and even exceeded its collection targets set at the beginning of the fiscal year.

Compared to the forecast at the end of September of XAF379.5 billion, they (oil revenues) recorded an achievement rate of 113.7%,” the report indicates.  

Brice R. Mbodiam

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