2024 Finance Bill : Emphasis On Reducing Budget Deficit

The Minister of Finance, Louis Paul Motaze, has explained major components of the Finance Bill of Cameroon for 2024 to members of the Finance and Budget Committee of the Senate, headed by Senator Laurent Nkodo. The Committee meeting which took place on December 7, 2023 had the Minister of Finance telling legislators that government action will be geared at reducing budget deficit, in order to implement many structural projects. As explained by the Minister, it means closing the gap between resources and expenditure. The draft State budget for 2024 as balanced in income and expenditure stands at FCFA 6,740 billion 100 million, representing an increase of FCFA 13.2 billion from that of the 2023 financial year.
Edifying the Senators on the State budget expenditure evaluation, in particular, the expenditures of the special appropriation accounts, Minister Louis Paul Motaze noted that a reasonable quantity will be used for the purchase of goods, materials, equipment and supplies, purchase of services, fees and studies, and staff training costs. Other capital expenditure as cited by the Minister will include transfer of resources to national public establishments and to decentralised local authorities, research and development expenses, acquisition, construction and major repairs of buildings, and the acquisition, and major repairs of equipment and furniture.
On how the money to financed projects will be raised, the Minister said it will be through taxes on revenues, profit and capital gains, taxes on salaries and other remuneration, internal taxes and duties on goods and services, taxes on foreign trade and international transactions, loans and taxes on State property, just to name a few.
It is on this bac...