DRC Achieves 215.7 Billion CDF in Oil Revenue Mobilization by July 31, 2023

September 8, 2023September 8, 2023 Constance

The oil revenues mobilized by the financial authorities of the Democratic Republic of Congo (DRC), as of July 31, 2023, are estimated at 215.7 billion Congolese Francs (CDF), i.e. nearly 106.7 million USD at the average budget rate of 2021 CDF for one US dollar.

This is according to the public sector cash flow plan for the first two quarters of the 2023 budget year published by the Ministry of Finance on August 5, 2023.

According to this document, the expected amount of oil revenue from producers was set at 321.0 billion Congolese Francs (CDF), or 158.8 million dollars.

Thus, there is an achievement rate of around 67% compared to the budgetary forecasts of the public finance law.

During the period under analysis, the Directorate General of Taxes (DGI) realized 102.3 billion Congolese Francs (CDF) from oil revenues, an amount equivalent to more than 50.6 million US dollars against the budget allocations of the order of 118.6 billion Congolese Francs (CDF).

Furthermore, the General Directorate of Administrative, Judicial, State and Participation Revenues (DGRAD) collected more than 113.4 billion Congolese Francs (CDF), or nearly $56.1 million during this period against budget forecasts set at 202.3 billion Congolese Francs (CDF), representing an achievement rate of 56%.

For the current budget year, the Government of the Democratic Republic of Congo hopes to mobilize 615.4 billion Congolese Francs (CDF) or nearly $304 million at the annual budget rate of 2021 CDF per US dollar from oil producers .

It should be noted that the average used to convert the mobilized revenue into dollars is the average budget rate which is set at 2021 CDF for one US dollar unlike the current exchange rate which is around 25,00 CDF for one US dollar.