More Cash, Increase Investment
By Pius NYUYLIME, Cameroon Tribune
The figures published by the Ministry of Finance on the mid-term
revenue collection are to say the least satisfactory. According to the
report on the budgetary execution from January through June, revenue
collected rose
by 20 per cent or FCFA 286.3 billion to FCFA 1, 716.4 billion up from
FCFA 1,430.1 billion during the same period a year earlier.
This
performance in relation to budgetary projection tells of an extra cash
of 8.8 per cent or FCFA 139.1 billion injected into the State coffers.
This performance worthy of praise is accounted for by the significant
improvement in internal revenue collection (18.5 per cent) and treasury
bonds and grants (27.3 per cent) according to the report. Expenditure
for the period climbed by 14.7 per cent or FCFA 204 billion to FCFA
1,592.2 billion against last year. Projected spending at the beginning
of the year was FCFA 1,603 billion. This entails that expenditure in
relation to projections dropped by 0.7 per cent or FCFA 10.8 billion.
Whereas actors in the budget execution needs to be hailed for increase
performance in revenue collection in relation both to last year’s
performance and to projections, vote holders responsible for putting the
money collected into use by way of current and investment expenditure
are to be reminded that they have fallen short of performance against
mid-term projections.
The arithmetic seems to be very clear. If one were to take the
surplus of FCFA 139.1 billion collected and add to the FCFA 10.8 billion
that has not been spent as projected, one will be talking of an
additional amount of FCFA 149.9 billion that ought to have been injected
into the State coffers as extra cash. The question many a Cameroonian
has been posing is why the country should be floating on such enormous
cash but investment is coming forth so lazily. Budgetary execution as at
first quarter was not so encouraging. The figures as presented by each
region showed a less than 30 per cent performance as far as investment
is concerned. However, the figures of the first half appear to have
wiped out the difference. In effect, investment expenditure is said to
have reached 106.2 per cent rate. That, at least is something to
rejoice.
But now that more cash has been raised, should there be any reason
for more investment not to follow? Specialists in budgetary execution
are well placed to explain what happens when there is excess in revenue
collection. The ordinary man will find it difficult to explain why
projects, some of them very urgent should be yearning for money while
extra money is lying fallow in the treasury. That may sound so simple a
calculation, but it is important for those in charge of budget execution
to clarify them of what the situation is all about.>>>
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