Finance Minister Davendranath Tancoo has presented a national budget projecting expenditure of more than $63 billion for fiscal 2027.
The Government is promising increased support for vulnerable citizens and continued investment in key public services, while introducing new revenue measures aimed at raising more than $1 billion.
The Government is projecting total expenditure of $63.368 billion for fiscal 2027, against revenue of $59.729 billion.
That leaves a projected deficit of $3.639 billion, equivalent to 2.1 per cent of gross domestic product.
“We expect for 2027 total revenue $59.729 Billion total expenditure, $63.368 Billion Fiscal Defecit, $3.639 Billion the total estimated revenue of $59.729 Billion Comprises: Oil Revenue $14.355 Billion, Non-Oil Revenue $45.062 Billion, Capital Revenue $0.312 Billion.”
Health and Education and Training received the largest allocations, at more than $8 billion each, followed by National Security, with $7.321 billion.
Looking at Tobago, Minister Tancoo noted that the THA will continue to bring affordable housing to the people of the sister isle.
He outlined Tobago’s planned allocation as a percentage of the national budget.
“This Government is Allocating $2.756 Billion to the Tobago House of Assembly for Fiscal 2027, representing 4.35 percent of the national budget. However, there is more. In addition a further $716.5 Million will be spent by various ministries on services and projects for the benefit of Tobago. In this regard, the total allocation to Tobago in Fiscal 2027 will be $3.473 Billion which equates to 5.48 percent of the National Budget.”
Among the major revenue measures is a limit on the use of carried-forward business losses, expected to generate $430 million.
Minister Tancoo then outlined some of the major ministries’ expenditure allocations.
“Education and Training $ 8.033 billion, Health $ 8.061 billion, National Security $ 7.321 billion, Public Utilities $ 4.087 billion, Infrastructure $ 2.081 billion, Rural Development and Local Government $ 2.323 billion, Transport $ 1.712 billion, Agriculture $ 0.987 billion, Housing $ 0.904 billion.”
The measures also include applying VAT to overseas digital services and introducing a surcharge for residential electricity customers with very high consumption.
The Government says its fiscal plan balances social support and national development with the need to strengthen revenue collection and manage public finances.