Prime Minister Philemon Yang has presented the 2015 government’s economic, financial, social and cultural programme for the 2015 fiscal year.
The annual budget which is FCFA 3,746.6 billion represents an increase of FCFA 434.6 billion in absolute terms and 13.12 percent in relative terms from that of 2014 (FCFA 3,312 billion).
The increase, Mr Yang said, is based on government’s anticipated 6.3 per cent Gross Domestic Product (economic growth rate) in 2015 up from 5.8 per cent in 2014.
This net increase in the 2015 budget as he further noted is due to the positive fallouts of the Law of 18 April 2013 laying down private investment incentives in Cameroon.
Prime Minister, Philemon Yang, said government is putting performance strategies in place to consolidate investments in priority projects in the economy.
With an increase in the Public Investment Budget (PIB) from FCFA 1,000 billion in 2014 to FCFA 1,150 billion in 2015, PM Yang noted that growth-induced sectors will be targeted to give the Head of State’s emergence programme a significant boost.
The Prime Minister further said, infrastructural development will receive special attention because Cameroon will be hosting the 2016 and 2017 African Cup of Nations in the women and men categories respectively.
The construction of the first double lane of the Douala-Yaounde motorway, the Kribi-Edea motorway, construction works on the second bridge over the Wouri, the PM said, all featured amongst the priority projects.
He further indicated that Construction works will be pursued on giant energy projects like Lom-Pangar, Mekin and Memve’ele.
Also, government intends to recruit some 3,060 new general education teachers to reduce the number of Parent`s –Teachers ratio in government primary schools.
Some 50 literacy Centres will be equipped and 40 new staff residential houses constructed in some needy areas in the country during this budgetary year.
Sources of the 2015 State Budget
The Prime Minister Head of Government, Philemon Yang said the estimated income will be derived from internal and external sources.
From Internal resources: FCFA 3,342 billion 48 million, against FCFA 2,983 billion in 2014.
The PM said funds will also come from royalties paid by exporters of oil, timber and mineral resources (FCFA 774.9 billion as against FCFA 733 billion in 2014).
The State is also expected to issue bonds in 2015 amounting to FCFA 320 billion up from FCFA 280 billion in 2014.
External sources, (FCFA 404 billion 117 million as against FCFA 329 billion in 2014). This shall be (FCFA 345 billion 917 million against FCFA 274 billion in 2014) and grants (FCFA 58 billion 200 million up from FCFA 55 billion in 2014).
Mr Yang challenged all ministries to ensure that government`s emergent plan is effectively and efficiently put in place for a radical change.
He exhorted law makers, competent authorities and stakeholders to ensure that the proposed 2015 budget be executed as planned.
2014 Balance Sheet
Discussing the 2014 budget, Prime Minister, Head of Government said, 89,993 temporary or seasonal jobs were created and 42,675 apprentices were trained in vocational centres.
A total of FCFA 9.6 billion was allocated by the government as research allowance to University lecturers and FCFA 4.5 billion granted to State University students as excellence awards granted by the Head of State.
Other realisations included the electrification of 143 villages and connection of 25,000 households through the extension of the North and South interconnected networks. Electrification of 87 new localities across the ten regions and the completion of 2,000 connections to households in 33 villages in the North, North West, Centre and South West regions.