Gov't proposes $1.3-trillion budget for upcoming financial year

The Government is planning to spend $1.3 trillion for the financial year 2024-2025.

The budget for this fiscal year, which ends on March 31, is $1.092 trillion.

Finance Minister Dr Nigel Clarke tabled the estimates of expenditure in the House of Representatives on Thursday afternoon.

He told the House that just over one trillion dollars of the budget will be financed by taxes and other receipts while about $0.3 trillion in loans will satisfy the shortfall.

The estimates will go before the Standing Finance Committee of Parliament March 5-7, before the finance minister opens the budget debate on March 12.

In tabling the budget, Clarke noted that it was being presented on time, despite the fact that local government elections will be held on February 26.

He said this is unlike several instances in the past where elections delayed the presentation of the budget.

"Election or no election the national budget must be passed in the House of Representatives by March 31 of each year. This brings order, increases certainty and allows citizens to plan," he emphasised.

- Neville Graham

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