• About Us
  • Advertise
  • Careers
Thursday, May 22, 2025
Support Us
Mimi Mefo Info
  • Cameroon
  • Africa
  • Politics
  • Society
  • Education
  • Tech
  • Entertainment
  • Opinion
  • Editor’s Picks
  • Sport
No Result
View All Result
  • Cameroon
  • Africa
  • Politics
  • Society
  • Education
  • Tech
  • Entertainment
  • Opinion
  • Editor’s Picks
  • Sport
No Result
View All Result
Mimi Mefo Info
No Result
View All Result
Home Cameroon

2024 budget: Cameroon seeks to curtail reliance on oil revenue

Tata Mbunwe by Tata Mbunwe
January 4, 2024
in Cameroon, Economy, News
0
Cameron's Minister of Finance, Louis Paul Motaze says the country will reduce reliance on oil revenue

Cameron's Minister of Finance, Louis Paul Motaze says the country will reduce reliance on oil revenue

0
SHARES
342
VIEWS
Share on FacebookShare on Twitter

Cameron’s Minister of Finance, Louis Paul Motaze, has said the government will be diversifying its revenue sources in 2024 to reduce the country’s heavy reliance on oil revenue.

The measure comes amid a projected drop in oil prices on the international market.

Oil prices are deemed to fall from 77.98 dollars per barrel in 2023 to 68.9 dollars per barrel in 2024.

This potential drop would badly affect the Cameroon Government’s revenue in 2024, as crude oil sale remains one of the largest individual income sources for the country.

“It will be very difficult if you rely only on oil revenue,” Minister Motaze said on CRTV.

“We think that the revenue coming from the taxation department is more important than all revenues.”

According to the National Hydrocarbons Corporation (SNH), oil alone generated FCFA 955.5 billion to the government in 2022.

This year, oil and gas generated FCFA 351.2 billion for the state between January and June.

Diversifying the country’s revenue from oil will mean a possible increase in taxation revenue, Minister Motaze said.

He presented the country’s 2024 draft budget during a cabinet meeting chaired by Prime Minister Joseph Dion Ngute in Yaounde this week.

Based on the draft, the 2024 budget will witness just a slight increase.

The 2023 budget stood at FCFA 6,345.1 billion, but a presidential order of June 2 raised the budget to FCFA 6,726.9 billion.

Next year, the government will slightly increase the budget and will be tackling huge projects.

The Minister of the Economy, Planning and Regional Development, Alamine Ausmane Mey, said the government will focus on projects contained in the National Development Strategy (NDS30) 2020-2030.

It will also prioritize the reconstruction of the crisis-hit English-speaking Regions and the Far North regions.

The focus will also be on curtailing imports and empowering the local manufacturing industry as part of government’s import substitution policy.

In about two weeks, the Parliament will meet for its last ordinary session for the year.

The session will be geared at examining and voting on the 2024 budget draft budget.

At the Parliamentary session, Cabinet Ministers will be called up to defend their proposed budgets.

Mimi Mefo Info

You can help support our work through the link below
Tags: Africa NewsBroadcast Media NewsCameroonCameroon 2023 budgetCameroon 2024 budgetCameroon economyCameroon newsCameroon parliamentCamerounCameroun news todayIndependent mediaIndependent news reportingMimi Mefo InfoMimi Mefo NewsMimi Mefo TakambouMMINigeria newsOnline news channelonline news reporting networkPrime Minister Dion NguteReal time breaking news
Previous Post

Gunfire Erupts in Guinea Capital; Moussa Dadis Camara Escapes

Next Post

Bamenda Poisoning Incident Sends Pupils to Regional Hospital

Next Post
Doctors at the Bamenda Regional Hospital are doing their best to save the children

Bamenda Poisoning Incident Sends Pupils to Regional Hospital

Please login to join discussion
You can help support our work via the link below

You can help support our work via the link below

Category

  • Accident de la route
  • Africa
  • Breaking News
  • Cameroon
  • Culture
  • Economy
  • Editor's Picks
  • Editorial
  • Education
  • Entertainment
  • Environment
  • Fashion
  • Food
  • Français
  • Health
  • Human Interest/Society
  • Infrastructures
  • Innovation
  • International Relations & Diplomacy
  • Justice/Human Rights
  • Lifestyle
  • Live Update
  • Media
  • Missing Person Alert
  • Nécrologie
  • News
  • News Commentary
  • News Roundups
  • Opinion
  • Orbituary
  • Other
  • People's Voice (PV)
  • Philanthropy
  • Politics
  • Publicity
  • Religion
  • Road Safety
  • Science
  • Security
  • Sport
  • Tech
  • Technologie
  • Tourisme
  • Transport
  • Travel
  • Voyage
  • World

Important Links

  • Term of Use
  • Privacy Policy
  • About Us

© 2025 JNews - Premium WordPress news & magazine theme by Jegtheme.

error: Content is protected !!
No Result
View All Result
  • Politics
  • World
  • Science
  • Entertainment
  • Fashion
  • Lifestyle
  • Tech
  • Health
  • Food

© 2025 JNews - Premium WordPress news & magazine theme by Jegtheme.