DRC’s Oil Sector Expects To Generate More Than USD 305.8 Million In Revenue In 2023
The Democratic Republic of Congo (DRC) government has assigned the task of generating revenue of around 615.4 billion Congolese Francs (CDF), equivalent to over 305.8 million US dollars, from oil producers to the Directorate General of Taxes (DGI) and the Directorate General of Administrative, Judicial, State and Participation Revenue (DGRAD)
According to Document 4 of the Finance Law for the 2023 financial year relating to revenue-generating acts, these revenues are projected to show a growth rate of 55.8% compared to their level in the 2022 financial year, which was quantified at 394.9 billion Congolese Francs (CDF).
It should be noted that these projections are based on operators’ declarations, and take into account an estimated daily production of 20,989 barrels for both on-shore and off-shore groups, an average price per barrel of 101.6 US dollars after discount, and a terminal charge of USD 2.5 per barrel.
The Congolese government also forecasts, in its draft 2023 budget, external revenues of around 6,300.0 billion Congolese Francs (CDF), which are projected to show a growth rate of 11.5% compared to their level in the 2022 financial year, which was valued at 5,652.4 billion Congolese Francs (CDF).
On the one hand, these revenues relate to budget support of 1,846.1 billion Congolese Francs (CDF), which is projected to show a decline of 35.9% compared to their level in the 2022 financial year, which was 2,878.1 billion Congolese Francs (CDF).
These receipts include, in particular, 1,104.8 billion Congolese Francs (CDF) of program loans; 330.8 billion Congolese Francs (CDF) of budget grants; and 410.5 billion Congolese Francs (CDF) of SDR allocation from the IMF.
On the other hand, these receipts take into account the financing of investments, which is projected to amount to 4,453.9 billion Congolese Francs (CDF). This represents a growth rate of 60.5% compared to the amount of 2,774.3 billion Congolese Francs (CDF) included in the Finance Law for the 2022 financial year.
These receipts also include 1,032.4 billion Congolese Francs (CDF) in project grants, and 3,421.5 billion Congolese Francs (CDF) in project loans.
