The Minister of Finance tabled the appropriation bill for the government’s budget.
The Minister of Finance Hon. Crossley Tatui delivered his budget speech identifying the appropriated expenditure for the 2024- 2025 National Budget is $68.4 million, and total estimated revenue is $52.5 million.
The Government’s Appropriation Bill for 2024/25 with a $15.9 million deficit passed the first reading two weeks back and was referred to the Assembly’s Public Accounts Committee before returning to the Assembly for the second and third reading in a few weeks time.
The government’s appropriations bill for this coming financial year starting July 1st to 30th June next year has a shortfall of $15.9 million.
Minister Tatui explained that the figures represent an increase in appropriated expenditures of $15 million or 28 percent from this current Financial year and an increase in expected revenue of $7.83 million or 17.5 percent.
Minister Tatui said that the deficit has increased by $7.17 million or 82.1 percent from this financial year 2023-2024 Budget ending 30th of next month.
Finance Minister- Hon. Crossley Tatui highlighted concerns over the current status of our population in his budget speech saying the population decline has severely impacted our labor market.
Minister Tatui also highlighted 16 other key items in his speech namely; global challenges, whole of country reform, governance and leadership, managing regionalism, the 2050 strategy for the blue pacific continent, economic development, the private sector, trade development, state-owned enterprises, population and human resources, Niue ko kaina, social services, Taoga Niue, infrastructure, environment and climate change and natural resources.
There was no specific mention of the government’s plans to address the high cost of living, with no cost of living adjustment included in this new budget.
BCN News will continue to unpack the government’s budget plans in our future bulletins from next week.