The Quarterly Budget Execution Report for the third quarter of 2025 reveals a mixed picture for the State's public finances. While revenues remain solid in a challenging global economic environment, expenditure execution, particularly in capital, highlights major structural challenges.

At the end of the third quarter of 2025, budget execution was supported by continued solid real GDP growth, driven in particular by the start of hydrocarbon production.

General budget revenues reached 3,254.0 billion CFA francs, representing a collection rate of 69.7% of the annual target.

Tax revenues amounted to 2,987.9 billion CFA francs (72.9% of the annual target), an increase of 7.6% year-on-year.

Non-tax revenues showed a good performance with 214.2 billion CFA francs collected (75.8% of the annual target).

Donation mobilization remains low, reaching only 52.0 billion CFA francs (18.1% of the annual target), consisting mainly of capital donations (48.7 billion).

The mobilization of cash resources reached 3,655.8 billion CFA francs, mainly through raising funds on the financial markets (2,775.1 billion), which made it possible to cover the budget deficit of 1,059.0 billion CFA francs recorded at the end of September.

Total general budget expenditures were kept under control at 4,313.0 billion CFA francs (67.8% of the forecasts in the 2025 Finance Law).

Ordinary expenditures amount to 3,220.8 billion CFA francs (72.7% of forecasts), driven mainly by current transfers (1,169.4 billion) and the wage bill (1,082.8 billion).

The financial burden of the debt amounted to 705.7 billion CFA francs, including the repayment of bank loans contracted without parliamentary authorization.

Capital expenditure execution is considered the weakest. Capital expenditure reached 1,092.2 billion CFA francs at the end of September, representing an achievement rate of only 56.4% of the LFR forecasts.

While investments using internal resources show a satisfactory rate (71.4% completion), investments using external resources are only at 49.9%.

Direct government investment remained very low, reaching only 40.8 billion CFA francs (representing an execution rate of 27.4%). Only capital transfers showed satisfactory execution (86.4%).

Despite investment difficulties, the budget deficit stood at 1,059.0 billion CFA francs at the end of September 2025, or 4.88% of GDP, which is significantly lower than the annual target of 7.82% of GDP.

Finally, the financial balance of the National Pension Fund (FNR) was maintained with a surplus of 25.7 billion CFA francs. The 168 monitored public bodies, for their part, executed 47.7% of their combined budget (2,210.0 billion), of which 290.1 billion was allocated to investment.