A camshaft assembly is disclosed which comprises an inner shaft, an outer tube surrounding and rotatable relative to the inner shaft, and two groups of cam lobes mounted on the outer tube, the first group of cam lobes being fast in rotation with the outer tube, the second group being rotatably mounted on the outer surface of the tube and connected for rotation with the inner shaft. The connection between the second group of cam lobes and the inner shaft is effected by means of driving members whose positions are adjustable in order to compensate for significant manufacturing inaccuracies between the inner shaft and its associated group of cam lobes.