Oil revenues in the Democratic Republic of Congo (DRC) continue to play a crucial role in the country’s economic development. According to the latest figures published by the Ministry of Finance, these revenues reached nearly 215.7 billion Congolese Francs (CDF), or approximately 106.7 million dollars, at the end of July 2023.
However, despite this encouraging performance, it is important to emphasize that the rate of achievement of this revenue compared to budget forecasts is only 67%. Indeed, the expected revenues of oil producers were estimated at 321.0 billion Congolese Francs (CDF), or 158.8 million dollars.
The country’s financial authorities, notably the General Directorate of Taxes (DGI) and the General Directorate of Administrative, Judicial, State and Participation Revenue (DGRAD), played a major role in the collection of this revenue. The DGI collected 102.3 billion Congolese Francs (CDF), while the DGRAD collected more than 113.4 billion Congolese Francs (CDF).
These figures show an achievement of 56% for DGRAD, indicating potential for improvement in revenue collection. However, it should be noted that these figures are based on an average budget exchange rate of 2021 CDF per US dollar, in contrast to the current exchange rate which is around 2500 CDF per US dollar.
For the current budget year, the DRC government aims to mobilize a total of 615.4 billion Congolese Francs (CDF) from oil producers. This is a significant amount which will contribute to financing the country’s development projects.
It is essential to emphasize that oil revenues are an important resource for the DRC, but they must be managed transparently and efficiently. It is essential that the government continues to strengthen financial management to ensure optimal revenue collection and avoid any embezzlement or corruption.
In conclusion, oil revenues play an important role in the economy of the DRC. Despite an achievement rate lower than budget forecasts, this revenue remains an essential source of financing for the country’s development. It is crucial that the government improves the management of these revenues and ensures their use in projects beneficial to the Congolese population.