Finance Minister announces $397M budget for 2022
Premier and Minister of Finance, Andrew Fahie has announced the estimated fiscal budget for next year to be $397.17 million.
This figure is approximately $4.9 million less than the 2021 budget, which was $402,132,046.
Giving a breakdown of the figures in the House of Assembly on Thursday, Premier Fahie said $337 million will go towards recurrent expenditure, $39.4 million for capital expenditure, $5.85 million is for contributions to various statutory funds, and $14.96 million will go towards the repayment of the principal on the BVI’s debts.
Estimated revenues for 2022 is $356.7 million. Some $323.2 million of this amount will come from taxes while $33.5 million will come from other revenue sources.
What each Ministry will receive
Premier Fahie said the Ministry of Natural Resources, Labour and Immigration will receive the largest share of the recurrent allocations with $51.2 million or 14.3 per cent.
The second-largest share of the recurrent budget goes to the Ministry of Education, Culture, Youth Affairs, Fisheries & Agriculture, which will receive 13.6 per cent or approximately $45.8 million.
The allocation to the Ministry of Health and Social Development is $34.2 million or 9.57 per cent while the Ministry of Transportation Works & Utilities has been allocated $12.34 per cent.
The allocation to the Ministry of Finance and the Premier’s Office are 6.93 per cent and 12.47 per cent respectively. Another 12.08 percent of the recurrent budget will go to the Governor’s Group.
More to come.
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So the Premier is getting a total of 19.4%. This man really thinks we are fools. 6.93% for Ministry of Finance which he controls and 12.47% for the Premier’s office which he also controls. It’s beyond even trying not to get roiled up. We are so used to the nonsense and that should NOT be. Jesus take the wheel and let the COI rescue us FAST!!!!!!
Are you stupid or slow? You so want to be outraged that you somehow fooled yourself into ignoring that the portfolio that the Premier controls are the biggest, and includes 2 of the main revenue makers for the BVI. The Post Office, Customs, Inland Revenue, Treasury, Internal Audit, Information Technology, Financial Services Commissions and Internal Tax Authority and National Bank of the VI, Shipping Registry, Tourist Board, TRC, BVIEC, immigration Board, Ports Authority, Town & Country Planning, BVI London Office, BVI House Asia, BVI international Finance Centre, Trade Investment and Consumer Affairs and that’s not all. Ignorance is the biggest problem we face in the BVI although the information is available. I guess the Premier should slash the budget so that tourism and financial services could drop even further so you and people that think like you could continue to spread negativity.
No, he shouldn’t, AS YOU SAY, slash the budget. What he should do is GTFOH!!!!!!!!!!!!!!! But no worries. The COI will take care of that.
No worries. He’ll be gone before he gets his st**ky hands on that money. The COI was quite clearly that he and the rest of the ministers are a clear and present danger to the BVI.
Even the Blind could ?! Founders of VIP rolling over.
Is recurrant expenditure still 90%+ of the budget. This is to pay government expenses
Salary, rental of exhobarent cost , vehicles and their fuels and maintenance, increase pensions ,etc….
Anyone else think that’s a bit much????
Spend 397m but only bring in 357m? So we will have a 40m deficit? Balanced budget he said?
Hey is ot true that he “proudly” announced the budget? Or is vino just being vino
Most of you that really be in these comment sections obviously regurgitate things you overhear other people talk about and run in the “anonymous” comment sections of news sites to feel important, but deep down inside, everyone of you know you’re just a**s licking, lonley, useless entire bags of pure uncut sh*t.