Tancoo reveals $59b budget, $3.8b deficit

News Gregory Mc Burnie 38 Minutes Ago

Finance Minister Dave Tancoo delivers the 2025-2026 national budget on October 13 in the House of Representatives. PHOTO COURTESY OFFICE OF THE PARLIAMENT -

The government is expected to spend nearly $60 billion in the next fiscal year.

Finance Minister Davendranath Tancoo announced a planned expenditure of $59.232 billion in the budget pegged against an oil price of US$73.25 a barrel and a gas price of US $4.35 per mmbtu.

Oil prices are currently roughly US$60 a barrel for WTI crude and US$63.50 for Brent crude while natural gas prices are currently US$3.09 per mmbtu.

“We expect total revenue of $55.367 billion and a total expenditure 59.232 billion with a fiscal deficit of $3.865 billion,” said Tancoo.

He noted the budget was two per cent of TT's gross domestic product (GDP), which is within the international benchmark of three per cent.

He said education and training will receive the highest budgetary allocation of $8.76 billion, followed by health ($8.21 billion), national security ($6.36 billion), public utilities ($3.39 billion) and infrastructure ($1.94 billion).

“When the UNC wins, everybody wins,” Tancoo added as he said he was proud to share the figures.