DAKAR, June 30 (Xinhua) -- Senegal expects to generate 703.2 billion CFA francs (about 1.2 billion U.S. dollars) in revenue from oil and gas production between 2027 and 2029, Minister of Economy, Finance and Planning Cheikh Diba said on Tuesday.
Presenting the country's 2027-2029 Multi-Year Budget and Economic Programming Document during a parliamentary debate on budget policy, Diba said the revenue projections had been revised in light of recent disruptions in the international oil market.
Hydrocarbon revenue is expected to reach 397.8 billion CFA francs in 2027, 168 billion CFA francs in 2028 and 137.4 billion CFA francs in 2029.
According to the minister, the proceeds will be directed toward priority development sectors.
Diba also said the government aims to gradually reduce the budget deficit to 3 percent of gross domestic product by 2029, in line with the fiscal convergence criteria of the West African Economic and Monetary Union.
Over the same period, public investment spending is projected to increase from 2.4 trillion CFA francs in 2027 to 2.9 trillion CFA francs in 2029.
