Cameroon: the National Hydrocarbon Company anticipates a 70% drop in revenue
Hard hit by the fall in oil prices, Cameroon’s National Hydrocarbons Company (SNH) has informed the government that it will only be able to guarantee 30% of the revenues initially planned in the 2020 Finance Law, a 70% contraction in its revenues. The information was relayed by the local media on Monday 1 June. As a reminder, 443 billion CFA francs (660 million euros) in oil revenues had been budgeted in the 2020 Finance Act, passed by Parliament in November 2019. The aforementioned reduction in revenue (-70%) could therefore result in a shortfall of more than 300 billion CFA francs (460 million euros), which will be definitively quantified in the framework of the Amending Finance Act, expected during the course of this month.