Finance Minister Dave Tancoo opened debate on the Supplementation and Variation of Appropriation for the 2025/26 fiscal year with a strong attack on the former PNM administration.
In his contribution in Parliament this morning, Minister Tancoo alleged that key state agencies were deliberately weakened to encourage borrowing.
Government is seeking parliamentary approval for $2.927 billion in supplementary funding.
This is to cover recurrent and development expenditure through September 30th.
The largest supplemental allocation was $513.6 million for the Ministry of Public Utilities.
This is expected to support street lighting, T&TEC rebates, TTPOST, CEPEP operations, as well as debt servicing and operational costs at WASA.
Other major allocations include $499.9 million for the Ministry of Health, $466 million for Central Administrative Services Tobago, and $454 million for the Ministry of Energy, to settle fuel subsidy liabilities.
Minister Tancoo said higher-than-expected oil and gas prices are projected to increase Government revenue by $381.7 million.
On another matter, the Minister assured nurses, teachers and other public sector workers that relief is on the way with regard to the conclusion of salary negotiations.
According to him, the provisions will be included in the 2027 Budget once ongoing negotiations and calculations are completed.
The first Opposition response to the Mid-Year Review was from former Finance Minister, Colm Imbert, who questioned the allocations.
He told the Parliament that of the amount being sought, only around $92 million will go towards development.
He also criticized the Government’s handling of the local economy, claiming a slowdown in private sector growth and a drop in the total value of the local stock exchange.
