NIA CHARLESTOWN NEVIS – The Nevis Appropriation (2024) Bill 2023, introduced by the Minister of Finance in the Nevis Island Administration (NIA) Premier of Nevis the Honourable Mark Brantley, was passed in the Nevis Island Assembly on Thursday, December 07, 2023.
The Bill appropriates certain sums of money for the use of the public service for the island of Nevis for the financial year commencing January 01, 2024 and ending on December 31, 2024.
On December 05, Premier Brantley presented a $282.7 million budget for the upcoming fiscal year 2024.
The NIA has allocated the amount of $208.5 million to recurrent spending, representing 74 percent of the total budgeted expenditure, and having considered the expected uptick in economic activity for the upcoming fiscal year, is projecting to collect the amount of $154.8 million in Recurrent Revenue which represents a projected increase of 6 percent when compared to the projected revenue of $146.4 million for the fiscal year 2022.
“We expect our Recurrent Revenue to be augmented by the remittance of at least $66 million from the Federal Government, representing our share of revenue from the CBI [Citizenship By Investment] Program. This remittance when combined with our projected revenue collections, as outlined above, will provide a total overall Recurrent Revenue of $220.8 million for the upcoming 2024 fiscal period. When compared to the projected Recurrent Expenditure of $208.5 million this provides a surplus on the recurrent budget of $12.4 million,” he disclosed.
He further revealed that $74.2 million has been allocated for the funding of the NIA’s capital expenditure programme, which represents a 12 percent increase when compared to the amount of $66.1 million that was allocated for the fiscal year 2022.
The Premier pointed out that although there has been marked improvements in some revenue sources, the government must be prudent and consider that the near to medium term outlook is still filled with uncertainty and unforeseen risks that can hamper its diligent pursuit of sustainable economic growth and meaningful socio-economic transformation.
“We will continue to work towards translating our economic performance over the past 12 months into actionable policies that will guide our path to more stable fiscal footings for the near to medium term.
“We will work towards maintaining a sustainable balance between fiscal responsibility and economic support for our small and vulnerable economy. We will continue to invest in our economy and our people as we know it will require time and strategic resource allocation to ensure that the desired outcomes are not only achieved but maintained and expanded upon,” said Premier Brantley.
All Members of Parliament on the Government benches gave the Bill their full support.