In conformity with the laws regulating Regional and Local collectivities, and by the circular letter No. 000025/JC/MINFI/MINDDEVEL of 3rd October 2023 relating to the budgets of Regional and Local authorities for the 2024 financial year.
The management of Buea council headed by MAYOR DAVID MAFANI NAMANGE Esq. had to meet stakeholders of the Buea Municipality in the presence of the supervisory authority, the First Assistant S.D.O for Fako Mr. Awa Dean Chi. To chart the way forward for the upcoming financial year.
It was an opportunity for the Municipality of Buea in all her ramification to sit on a round table and discuss her future. Clergy men, traditional rulers, actors of civil society, businessmen and women, partners of the Buea Council etc. Had one mission, how to make Buea Council bigger and more prosperous.
A balance sheet of the economic situation of the council was presented to the public, having in mind that Buea is having three main sources of revenue: tax revenues paid by the state, council taxes and subvention from the state.
Revenue collected for the past three years were as follows:
2020 -1,852,583,210 frs; 2021 – 1,694,991,842 frs; 2022 – 2, 274,730,477 frs
Nevertheless, some debts were cleared during the last three years
Hyscam debts of 50,000,000 frs ; Taxation debts of 252, 112, 624 frs (2012, 20022)
CNPS debt of 38,820,960 frs ; ENO upfront payment of 5,000, 000 frs
Thus, Debts to be paid in 2024
Camwater of 1.4 billion running through 2006 till date. On this the council held a working session with Camwater. Payment of the debt will be done through a moratorium. From 2024
CNPS through moratorium (823 456 monthly); Eneo debt through moratium (150,000 monthly); Hyscam debt of 27,729,417 (total Hyscam debt is 52,729,417. So, if the council pays 25,000,000 this year, we will be left with 27, 729,417 frs)
In summary the financial situation of the council warrants the creation of more revenue sources as to match the growing state of the City. Updating the Communal Development Plan of the council, it was revealed that the population of Buea Municipality had grown from 300,000 to 576,612 inhabitants making it very difficult to manage the municipality base on the existing infrastructures and forecasted budgetary provisions which did not take into account the population growth
It was generally agreed that, all actors within the municipality should work hand in glove to see that new source of financial resources be considered and exploited for the development of the municipality.