Cameroon’s Finance Ministry announced Tuesday that the country’s oil revenues amounted to F CFA 220.2 billion in the first half of 2018 against 196 billion CFA francs in the same period last year.
The report indicated an increase by F CFA 24.7 billion. While the forecast was 206.8 billion CFA francs, the revenues generated represent an implementation rate of 106.5 per cent.
According to the Ministry, the increase in oil revenues is due to “the increase in world oil prices over the last twelve months.”
In detail, these revenues include 186 billion CFA francs in oil royalties paid by the National Hydrocarbon Company (SNH) and 34.1 billion CFA francs in taxes collected from oil companies.