Oil revenues fall by more than 58 billion in the first quarter of 2015

At the end of June 2015, Cameroon grossed 221.6 billion FCFA in respect to oil revenues against 279,7 milliards billion FCFA over the same period last year, announced the government in its 2015 mid-term budget implementation.

As expected, due to the oil crisis, these revenues are down by more than 58 billion FCFA as compared to end of June last year, and they are more than 123 billion FCFA less than the forecast for this year (344.8 billion FCFA over the period considered).

However, with regard to this statistic, the country seems to move towards a considerable reduction in the level of overall decline in oil revenues in the country.

The government’s forecast situates them at about 300 billion FCFA in 2015. Rendered at 58 billion FCFA only in mid-term, it is more likely that the overall decline envisaged by public authorities is much leaner.

Moreover, despite lower oil revenues, the Cameroonian financial revenue witnessed an overall internal growth at the end of June 2015. It amounted to 1790 billion FCFA on semi-annual forecasts of 1779,6 billion FCFA, which corresponds to a slight increase of about 10 billion FCFA.

This performance is due to the work of taxation and customs, administrations which managed to mobilise, on the first six months of the year, 828 billion FCFA (against 734.7 FCFA at the end of June 2014) and 343 billion FCFA (against 327 billion FCFA over the same period last year) respectively.