A budget for the people is how both Prime Minister Kamla Persad Bissessar and Finance Minister Davendranath Tancoo described the budget before it was read on Monday afternoon, and minutes later the announcements came.
00:00A budget for the people is how both Prime Minister Kamala Passat-Basasa and Finance Minister Devendra Nath-Tanku
00:06described the budget before it was read on Monday afternoon, and minutes later the announcements came.
00:12Reduced super gasoline prices, 10% wage offer to public servants, and replacing CPAP and URP with full-time jobs.
00:20However, this $59.2 billion fiscal package comes with a list of taxation and other fiscal measures to bring in much-needed revenue.
00:30The price of cigarettes and alcohol have been immediately increased, a landlord tax will be created, and commercial utility rates to be increased.
00:38Reporter Cindy Ragubar-Tikasingh has more.
00:41A national budget with an even smaller deficit was announced by Finance Minister Devendra Nath-Tanku during his maiden fiscal presentation on Monday afternoon.
00:52We expect total revenue of $55.367 billion, total expenditure of $59.232 billion, with a fiscal deficit of $3.865 billion.
01:10The budget, he says, was based on an oil price assumption of U.S. $73.25 per barrel and natural gas assumption of U.S. $4.25 per mm BTU,
01:24with oil revenue estimated to be $11.254 billion, non-oil revenue $43.4 billion, and capital revenue at $0.711 billion.
01:38Allocations are $8.8 billion on education and training, $8.2 billion on health, $6.4 billion on national security,
01:49public utilities get $3.4 billion, infrastructure $1.9 billion, rural development and local government $1.8 billion,
01:59transport $1.8 billion, agriculture $1.1 billion, and housing $0.7 billion.
02:08But what exactly do these figures and allocations mean, and how will they impact or improve our daily lives?
02:16It's the first budget for the six-month-old UNC government, and expectations were high in the lead-up to Monday,
02:24given their big election campaign promises.
02:27So did they deliver?
02:29The Honourable Kamala Prasad-Bissassa has instructed that effective immediately,
02:34the price of super gasoline at the gas station pump will be reduced by $1 per litre.
02:44Public servants were told a 10% wage increase is on the table as promised.
02:50The Honourable Kamala Prasad-Bissassa has instructed me to advise the chief personnel officer to submit a revised offer of 10%.
03:02Mr. Speaker, promise made, promise kept.
03:10The current cost of implementing these agreements is estimated at $214 million annually, with a raise of $730 million as of December 2025.
03:26Minister Tankou says they will be getting rid of CPEP and URP programs, and will now provide full-time jobs to the most vulnerable.
03:34This government is committed to ending the state of funding of criminal gangs by eliminating the CPEP and URP and replacing them with provided full-time, better-paid jobs.
03:50To this end, I have established an employment fund in the Ministry of Finance with $475 million,
04:00which will be utilised with the $310 million in the unemployment fund for job creation.
04:09But where will the money come from?
04:12More than 20 fiscal measures were announced.
04:15Among them...
04:16The increase in customs duties on rum, spirits, beer and cigarettes will take immediate effect.
04:25And while there was no mention of property tax, there was the announcement of a landlord business surcharge.
04:32This measure requires all landlords to register with the Board of Inland Revenue and pay a one-time registration fee of $2,500.
04:43As for utility rates, the introduction of an electricity surcharge of 5 cents per kilowatt will be applied to some.
04:54This surcharge is applicable to commercial customers and industrial customers and not residential customers.
05:04Now we're going to talk about the information, it's a reimbursement of a vehicle to store and not estate in a country,
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