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Cameroon: Oil revenues soar

APAnews | Cameroon’s oil revenues in the first quarter of 2018 amounted to CFA95.5 billion francs, showing an increase of CFA11.6 billion francs in relative value, and 13.8% in absolute value over the same period the previous year.

APA learned Friday from the relevant departments of the Ministry of Finance (MINFI) that at the end of March 2018 oil revenues were estimated at CFA95.5 billion francs against CFA83.9 billion francs at the end of March 2017.

This performance can be explained in particular by the rise of oil prices, with the average price per barrel averaging $66.8 over the review period, compared to an average of $44.5 per barrel last year.

In the details, oil revenues include CFA88.6 billion francs of oil royalties from the National Hydrocarbons Company (SNH) and CFA6.9 billion francs of taxes on oil companies operating in Cameroon.

These receipts show an increase of CFA16 billion francs compared to forecasts which counted on 72.6 billion quarterly receipts.

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10 comments

  1. The oil money goes to Paul Biya directly, reason it’s never included as revenue item on Cameroon budget. I guess the lucrative oil market that has led to this revenue increase should be celebrated by Biya and his family….The Nation has nothing to benefit…..Shame to Cameroon King, Biya Mvondo Paul….

  2. this kind of articles help reinforce the notion that selling raw materials,and using the revenue to import everything is development.at least this is how the masses percieve it.the above comments illustrate this point!.but in reality this approach has nothing to do with economic growth,it only reinforce dependences,spreading laziness.soudi arabia has been exporting oil for fifty years,but nothing is manufactured there ,maybe the koran?but south korea does not have patrol,gold,etc,but the capital of samsung group alone is closer to three hundred billion dollars.korea is among the ten top economies in the world and continue growing.the differences between soudi arabia and korea is economic intelligences.south korea understand that economics is creating value,but not soudia.

  3. with oil money gaddafi was paying each citizen 500 dollars whether you are working or not.this contributed to creat ignorances and laziness.sciences which is the coner stone of material prosperity was not even considered there.people seem to be satisfied with thier lives,everything is free why work hard?
    this kind of system creat the worst kind of humans that can exist on earth.only countries with a hard working population can rise economically on a long term bases.installing such a system in africa will be irresponsible.
    we must concentrate on creating a solid vibrant industrial sector that will employ as many people as possible.with enough wealth negerated from industry we will train top scientist to guarantee our defense.without the scientific capacity to obliterate the enemy.forget.

    • You sure? But Switzerland in general and Intercontinental Hotel in particular like things the way they are. Don’t you understand?

      • the information spread by aryan media groups that african leaders spend million in hotels is a lie.the objective is to divert the masses from looking at the real source of our economic difficulties.even worste inciting youths against thier own leaders.

  4. SEPARATIST aka SECESSIONIST

    It is reported that General Agha Robinson Ndong has fled the so-called “one and indivisible” LRC to the United States with his wife.
    General Robinson is the ANGLOPHONE Commander of LRC terrorist soldiers in the Northern zone of SC.

    If this news is true, Dictator Biya and his crime syndicate will surely be having sleepless nights. The reason is simple:

    General Robinson will surely be a person of interest for the US Administration and the ICC. His knowledge about the diabolic secret agenda of LRC to exterminate the Anglophones will be of help to the ICC

    • SEPARATIST aka SECESSIONIST

      THE NEWS ABOUT THE ESCAPE OF GENERAL ROBINSON IS FAKE!!!!!

  5. Warning!once a traitor army always a traitor army! the so call General Agha Robinson Ndong is not to be trusted, SCs in this revolution in the US must be on the alert! this army man is the regime’s chameleon, senior players in this revolution should aviod him, he might have been given money by french Cameroon to spy, kill, bribe, cause confusion among those SCs leaders in the US, because french Cameroon feels US is the biggest SCs independence player and will do anything to take them down, many SCs are too naive and gullible, this man and any coming from the regime now is dangerous, there are powerful lrc people in the US who will die for biya and his dotage dictatorship regime, the old mafia has money,power and spies in his 45 years,SCs self defense must burn sonara to bleed lrc for ever

  6. Oil money in Cameroon belongs to France and Paul Biya.