The bill to ratify the ordinance of 20 June 2024, which amends and supplements certain provisions of the Finance Law of Cameroon for the 2024 Financial year has been adopted at the National Assembly. The Adoption followed general debates during the plenary sitting which saw Minister Louis Paul MOTAZE providing clarifications to the worries of legislators on the realities contained in the ordinance.
The ordinance signed on 20 June 2024, maintains the budget deficit at 0.4% of GDP as in the Initial Finance Law. This increased the state budget to 7278.1 billion, of which 7212.5 billion for the general budget and 65.6 billion for special Appropriation Accounts against 6740.1 billion in the 2024 Initial Finance Law, this represents an increase of 538 billion in absolute terms and 8% in relative terms.
Finance minister presented the context that led to the ordinance, noting national and international underestimated factors that had a direct impact on the state budget.
Some of the factors cited by the Minister
– Fabrication of National Identity Cards within 48 hours with a fee of 10,000frs CFA and extended date of 15 years
– An increase in the budget for funds needed for the reconstruction of crisis regions like the Far North, North West and South West Regions. It was revised upwards from 30 to 35 billion, taking into accounts additional financial support from partners including Japan and the Islamic Development Bank.
Minister Louis Paul MOTAZE noted economic shocks faced by Cameroon in 2023 when the state budget was already adopted, so the modification can only go through ordinance which was adopted by the law makers. The ordinance comes in the wake of adjustments to the major components of budgetary balance, as a result of trends in the economic situation, the introduction of new measures substantially affecting the implementation of the 2024 budget as well as increase in revenue levels.
Tanjong Levis Agbor
