Themed “Recapturing the Momentum; Restoring Fiscal Sustainability”, the Budget Address laid out the details of the NIA’s projected revenues and expenditure for 2022, which the Premier said are based on the level of economic activity and resource availability.

“We have allocated the amount of $180.9 million to recurrent spending representing 79.0 percent of the total budgeted expenditure.  

“Mr. President, having considered the likely improvements in the global economy and the resulting effects on economic activities on the island, my Administration is projecting to collect the amount of $131.4 million in Recurrent Revenue which represents a marginal increase of 2.5 percent when compared to the projected revenue of $128.2 million for the fiscal year 2021,” he said.

With respect to Recurrent Revenue projections, the NIA expects to augment it with remittances of at least $45 million from the Federal Government in respect of a share of revenue under the Citizenship By Investment Program (CBI).

“Our combined total Recurrent Revenue for the upcoming fiscal period 2022 is therefore projected at $176.4 million and when compared to the projected Recurrent Expenditure of $180.9 million provides a deficit on the recurrent budget of $4.5 million. 

“Mr. President, the amount of $48.2 million has been allocated for the funding of our capital expenditure program. This represents a reduction of 22.8 percent when compared to the amount of $62.3 million that was allocated for the fiscal year 2021.”

The allocations for expenditure for the various Ministries are:

 • The Office of the Premier is allocated funding in the amount of $7.7 million representing 3.4 percent of the total budget.

• The Ministry of Finance is allocated funding in the amount of $82.8 million representing 36.3 percent of the total budget.

• The Ministry of Communications and Works is allocated funding in the amount of $32.4 million representing 14.2 percent of the total budget.

• The Ministry of Agriculture et al is allocated funding in the amount of $12.6 million representing 5.5 percent of the total budget.

• The Ministry of Health and Gender Affairs is allocated funding in the amount of $34.0 million representing 14.9 percent of the total budget.

• The Ministry of Tourism is allocated funding in the amount of $5.2 million representing 2.3 percent of the total budget.

• The Ministry of Education, Library Services and Information Technology is allocated funding in the amount of $33.7 million representing 14.8 percent of the total budget.

• The Ministry of Social Development, Culture, Youths and Sports is allocated funding in the amount of $15.7 million representing 6.9 percent of the total budget. 

Following Tuesday’s second reading of the bill shortly entitled the Appropriation Ordinance, (2022) 2021, the Budget Debate will begin on Wednesday, December 08 with Opposition Parliamentarian Hon. Cleone Stapleton Simmonds, followed by the respective NIA Cabinet Ministers over the next few days.