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2019 financial year in South West: Decrease in revenue, increase in expenditure.
2019 financial year in South West: Decrease in revenue, increase in expenditure.
The South West Region has witnessed an increase of 5.2 per cent in its total expenditure for the year 2019 compared to the previous year. This was disclosed during a coordination meeting of Public Accountants of the region, a session which was chaired by the Secretary General at the South West Governor’s Office, Dr Mohamadu, November 28, 2019.
At a time when many inhabitants of the South West Region have abandoned their communities due to insecurity or because of low turnout in their businesses, the collection of revenue has become a difficult task which has affected the mobilization of funds in the region during the 2019 financial year. Despite security challenges and other setbacks, the Paymaster General, Angoula Mbassi Ananias, said there has been an increase of 5.2 per cent in the total expenditure of the region this year. “Revenue collection stood at about FCFA 20 billion. Even though there is a comparative decrease to last year, it is encouraging because of the challenges we are facing. Expenditure has increased from FCFA 8 billion in 2018 to FCFA 9 billion this year.”
Talking about the challenges faced in the current year, Angoula Mbassi Ananias said even though the South West Region is improving its financial records, the socio-economic crisis brought in the aspect of lack of liquidity. He noted that just a few treasury stations were operational but they are currently working with administrative authorities to ensure that these stations are effective again come 2020 as certain measures have been put in place to overcome insecurity. With the drive towards effective decentralization, Public Accountants especially those at the municipal level were urged to mobilise funds for the development of their communities. “We are organising this meeting at a time when our region is facing some economic, financial and security challenges with falling revenue collection. Despite the difficulties, the various public accountants have done their best for the 2019 financial year. Our municipal treasurers should play their key role in the decentralization process by improving the level of collection. The phenomenon of ghost town is no longer observed in many localities in our region, and by 2020 we believe we will have greater results,” Dr. Mohammadu, Secretary General at the South West Governor’s office, noted.