Congo: Brazzaville revises its 2026 budget upwards to $4.4 billion

In this new project, the budgetary expenditures are set at 2,561.069 billion CFA francs, compared to 2,320.167 billion in the initial finance law. Revenues increase from 2,550.540 billion to 2,778.016 billion CFA francs. The government thus anticipates a projected budget surplus of 216.947 billion CFA francs, despite the increase in public charges.

This revised budget comes in a context marked by an improvement in revenue prospects, particularly in oil. The Congolese authorities justify this revision by the need to adapt public finances to new economic realities, to strengthen funding for priority sectors, and to maintain macroeconomic balances.

The Minister of Finance, Budget, and Public Portfolio, Christian Yoka, presented the project to members of the government. According to the executive, this budget revision is primarily made necessary by the reshuffling of the government team that occurred after the inauguration of President Denis Sassou-N’Guesso in April 2026.

The appointment of a Prime Minister, the formation of a new government, and the creation or reshaping of certain ministerial departments have led to a need to adjust the credits opened by the initial finance law. Thus, the budgetary collective aims to adapt the envelopes to the new administrative and sectoral priorities.

The government had already issued a decree in May 2026 to open advance credits to ensure the continuity of public service operations. The revised finance bill now provides a more comprehensive budgetary framework for these adjustments.

Oil at the Heart of New Forecasts

The other determining factor for this revision is the evolution of the international situation. The government refers to an environment marked by strong geopolitical tensions and by rising global oil prices.

In the new assumptions made, the price of Congolese crude is revised to 67 dollars a barrel, compared to 60.3 dollars in the initial finance law. Oil production remains estimated at 105 million barrels. The exchange rate retained is 550 CFA francs for one US dollar.

This improvement in oil forecasts allows Brazzaville to raise its revenue expectations. For a country whose public finances remain heavily dependent on hydrocarbons, the variation in the price of oil continues to have a direct impact on budgetary balance.

The government also projects economic growth of 5.5% in 2026, with inflation reduced to 2.7%, compared to 3% in the initial forecasts. These indicators serve as a basis for the new budgetary trajectory.

Revenues Increased, but Expenditures Also Reevaluated

The revision concerns not only revenues. State expenditures are also increasing. They rise to 2,561.069 billion CFA francs, which is a notable increase compared to the initially planned 2,320.167 billion.

This increase aims to strengthen funding for prioritized sectors while maintaining the necessary investments for the country’s development. The government asserts its intention to improve the efficiency of public spending, streamline operating costs, and continue economic governance reforms.

Despite the increase in expenditures, the executive plans a budget surplus of 216.947 billion CFA francs. This surplus is intended to fully cover the anticipated cash deficit, estimated at the same amount.

In terms of cash flow and financing, resources are reevaluated at 1,595.360 billion CFA francs, compared to 1,240.360 billion in the initial budget. Cash charges also increase, reaching 1,812.307 billion CFA francs, compared to 1,470.732 billion previously.

Four Priorities Set by the Government

The revised finance bill maintains the major orientations already defined in the initial finance law. The government highlights four main priorities.

The first focuses on consolidating public revenues. Brazzaville wants to continue the digitalization of procedures, reduce tax exemptions, and optimize revenues from natural resources, particularly oil, forests, and mines.

The second priority concerns the rationalization of public spending. The executive promises a more rigorous management of operational expenditures, in a context where controlling costs remains a significant issue for the sustainability of public finances.

The third priority is related to debt. The government asserts its intention to continue efforts to reduce the debt level in a country where the issue of public debt is closely monitored by financial partners.

The fourth orientation aims to strengthen the resilience of the economy, particularly through the development of non-oil sectors and the rebuilding of the stabilization fund at the Central African States Bank.

An Economy Still Dependent on Hydrocarbons

The revision of the 2026 budget confirms the central role of oil in the Congolese economy. The expected increase in revenues largely relies on the improvement of crude prices. This situation provides the State with new margins but also highlights Congo’s vulnerability to fluctuations in the international market.

This is why the authorities emphasize the need to develop non-oil sectors. The government wants to make the non-oil sector a more robust engine of growth in the coming years. The goal is to gradually reduce reliance on hydrocarbons while strengthening internal tax revenues.

The Medium-Term Budget Framework for 2027-2029 presented at the same Council of Ministers goes in this direction. It foresees a gradual acceleration of growth, driven both by the oil sector and by non-oil activities.

Parliament Now Awaited

After its adoption in the Council of Ministers, the revised finance bill must be submitted to Parliament for review and adoption. Parliamentary debates will assess the decisions proposed by the government, notably concerning the increase in expenditures, the use of additional revenues, and the management of the announced budget surplus.

For Brazzaville, the challenge is to turn the temporary improvement in revenues into a lever for budgetary stability. The government wants to demonstrate a trajectory of financial responsibility while providing more resources for public priorities.

Thus, the budgetary collective for 2026 appears to be a technical, economic, and political adjustment. It accompanies the new government configuration, takes advantage of the recovery in oil revenues, and attempts to maintain a balance between stimulating expenditures, controlling debt, and preserving budget margins.