Finance Minister Colm Imbert says revenue for fiscal 2024 will be much lower than initially projected in last year’s Budget presentation.

During the mid-year Budget Review this afternoon, he reminded that the fiscal package estimated revenue at $54 billion, with expenditure set at $59.2 billion.

He added however that they are now expecting less revenue due factors such as a fall in gas prices and royalties.

Mr Imbert added that with the $2.3 billion supplementation, the deficit for fiscal 2024 will also change.

He also believes that for the next year or two, Government have to be careful about how expenditure is managed.