Oil revenues from the Democratic Republic of Congo (DRC) continue to play a crucial role in the country’s economy. According to the latest data from the Ministry of Finance, these revenues reached 215.7 billion Congolese Francs (CDF) as of July 31, 2023, or approximately USD 106.7 million at the average 2021 budget exchange rate.
However, despite this encouraging performance, the achievement rate compared to budget forecasts is 67%. Initial forecasts anticipated total oil revenues of 321.0 billion Congolese Francs (CDF), or 158.8 million USD. Thus, there is still work to be done to achieve the set objectives.
The Directorate General of Taxes (DGI) played a crucial role in the collection of these oil revenues, contributing 102.3 billion Congolese Francs (CDF), or more than 50.6 million USD. However, this represents only 86% of the budget allocations. For its part, the General Directorate of Administrative, Judicial, State and Participation Revenue (DGRAD) collected 113.4 billion Congolese Francs (CDF), or nearly 56.1 million USD, thus reaching an achievement rate of 56 %.
For the current budget year, the Government of the DRC hopes to mobilize 615.4 billion Congolese Francs (CDF), or nearly 304 million USD, from oil producers. These figures reflect the importance of the oil industry in the Congolese economy and the importance of maximizing revenues to finance the country’s various programs and projects.
It should be noted that these figures are based on the average 2021 budget rate, set at 2021 CDF per US dollar, and not on the current exchange rate which is around 2500 CDF per US dollar. This exchange rate difference can have a significant impact on revenues in terms of real purchasing power.
In conclusion, oil revenues continue to play an important role in the DRC economy. Despite encouraging results, additional efforts are necessary to achieve the set objectives. The collection of this revenue is essential to finance the country’s programs and projects and contribute to its economic development. It is therefore essential to maximize these revenues while taking into account exchange rate fluctuations.