Business in Cameroon | During the first half this year, Cameroon earned CFA220.1 billion in oil revenues, reflecting an increase by CFA24.7 billion (+12.6%) compared to the same period last year, the finance ministry (Minfi) said.
This uptick is attributable to a year-on-year rising by 35.6% in global oil prices. The money collected includes CFA186 billion in oil royalty from the national oil and gas company (SNH) and CFA34.1 billion in taxes on oil companies in general. However, the ministry pointed out, it only met 106.5% of the six-month expectation (206.8%).
Non-oil incomes grew to CFA1,341.1 billion over the period under review, up by 4.9% or CFA62.7 billion from the CFA1,278.4 billion collected in H1 2017. Compared to the CFA1,421 billion expected, they are down by CFA79.9 billion, showing an achievement rate of 94.4%.
“This under performance in terms of expectations is due to the downward trend observed in tax and non-tax revenues, caused by an economic slowdown in 2017,” Minfi said.