Sun. Dec 8th, 2019

MINISTRY OF MINES CAMEROON NEWS (Oil Revenues boast 343.6 Bullion XAF in end of 2018)

MINISTRY OF MINES CAMEROON NEWS

Between January and September 2018, Cameroon collected XAF 343.6 billion from oil revenues, an increase by 20.8% year-on-year (+XAF 59.1 billion). This was revealed by the government in the 2018 budget implementation report.

According to the document, the increase was motivated by a year-on-year improvement by 41.2% in world oil prices with the average barrel price at $73.4 over the period.

The aggregate oil revenues include XAF 283.7 billion from oil royalties paid by the national oil company (SNH) and XFA59.9 billion in oil corporate taxes. This amount of revenues represents an achievement rate of 105.8% compared to the XAF 324.7 billion expected.

As regards non-oil revenues, they reached XAF 2,047.9 billion over the period reviewed against XAF 1,887 billion in late September 2017; an increase by XAF 160.9 billion (+8.5%). Compared to the XAF2,150 billion expected, non-oil revenues are down XAF 102.1billion; an achievement rate of 95.2% drawn by the underperformance in tax revenues.

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