The Quarterly Budget Execution Report for the third quarter of 2025 presents a mixed picture of public finances. While revenues show solid growth in a contrasting global economic environment, expenditure execution, particularly capital expenditures, highlights persistent weaknesses.
At the end of September 2025, budget execution was supported by sustained real GDP growth, driven in particular by the development of hydrocarbon production.
General budget revenues amounted to 3,254.0 billion CFA francs, representing 69.7% of the annual target.
Tax revenues reached 2,987.9 billion CFA francs, corresponding to 72.9% of the annual target and registering a 7.6% year-on-year increase.
Non-tax revenues also performed well, with 214.2 billion CFA francs collected (75.8% of the annual target).
However, the mobilization of donations remained limited: 52.0 billion CFA francs were recorded, representing only 18.1% of the annual forecast. These donations consisted primarily of capital contributions (48.7 billion).
On the cash flow side, 3,655.8 billion CFA francs were mobilized, mainly through borrowing on the financial markets (2,775.1 billion). This financing covered the budget deficit, which stood at 1,059.0 billion CFA francs at the end of September.
Total general budget expenditures amount to 4,313.0 billion CFA francs, representing 67.8% of the 2025 Amending Finance Law (LFR) projections. Ordinary expenditures total 3,220.8 billion CFA francs (72.7% of the projection), driven by current transfers (1,169.4 billion) and the wage bill (1,082.8 billion). Debt servicing reaches 705.7 billion CFA francs, including the repayment of loans contracted without parliamentary authorization.
Capital expenditure execution remains the budget’s weak point. It totals 1,092.2 billion CFA francs, representing an execution rate of 56.4%. Investments financed from internal resources reach a rate of 71.4%, while those financed from external resources remain limited to 49.9%.
Direct government investment remains particularly low, with only 40.8 billion CFA francs executed (27.4%). Only capital transfers are at a satisfactory level, with a completion rate of 86.4%.
Despite these difficulties, the budget deficit stands at 1,059.0 billion CFA francs at the end of September 2025, representing 4.88% of GDP, a level well below the annual target of 7.82%.
The National Pension Fund (FNR) maintains its financial balance with a surplus of 25.7 billion CFA francs. Furthermore, the 168 monitored public bodies executed 47.7% of their combined budget, estimated at 2,210.0 billion CFA francs, of which 290.1 billion was allocated to investment.
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