2017 Budget Execution: Dev’t Partners Spurred Surplus Revenue

Statistics show over a quarter of the total revenue of FCFA 4,451.9 billion came from budgetary support resources.

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Data from the Ministry of Finance on the execution of the budget at the end of December 2017 shows the year’s budgetary revenue stood at FCFA 4,451.9 billion representing a surplus of FCFA 78.1 billion on the forecasted FCFA 4,373.8 billion.

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The report said the surplus was spurred by loans and donations for budgetary support from development partners within the framework of the economic and financial programme with the International Monetary Fund (IMF) and improved disbursement of project loans.

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These loans and donations amounted to FCFA 1,394.8 billion while FCFA 3,057.1 billion of the global revenue came from domestic budgetary revenue collection. The global total of FCFA 4,451.9 billion revenue represents an increase of FCFA 822.4 billion compared to the global revenue the end of December 2016.

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Worthy of note is the fact that, nonoil sources of revenue (taxes and levies) recorded an excess of FCFA 71.4 billion on the 2017 forecast while oil revenue amounted to FCFA 385.9 billion at the end of December 2017, recording a FCFA 39.1 billion decrease. The underperformance of the oil sector was due to the low level of oil prices in the global market.

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Revenue from the customs sector stood at FCFA 732.7 billion, compared to FCFA 683.7 in the same period in 2016, representing an increase of FCFA 49 billion. But compared to the annual forecast of FCFA 800 billion, the revenue from the customs department plummeted by FCFA 67.4 billion.

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The underperformance of the customs revenue was provoked by lower imports and the induced effects of the Economic Partnership Agreement (EPA) signed with the European Union among other factors.

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It should be recalled that besides the Economic Partnership Agreement and budgetary support from development partners, the 2017 budget execution was equally influenced by other factors including the on-going instability in the North West and South West Regions, a further decline in inflation rate and the global economic meltdown.

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