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,
05:11Mr. Stringer.
05:11Thank you very much.
05:13Thank you for having me.
05:15Thank you very much.
05:16Thank you very much.
05:19You're welcome.
05:23Thank you, sir.
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