Senior Political Reporter
While some citizens took the precaution of topping up their gas tanks yesterday, Government officials say no fuel price hike is expected in today’s 2027 Budget presentation.
Officials also said the Budget package to take Trinidad and Tobago through the 2027 fiscal year would be larger than the $59.232 billion allocated in the 2026 Budget. The 2027 Budget is estimated at approximately $63 billion.
Finance Minister Davendranath Tancoo will present the 2027 Budget in the House of Representatives at 1.30 pm today. It will be his second Budget presentation on behalf of the Persad-Bissessar administration.
Speaking with Guardian Media yesterday, Government officials said the Budget would continue the “economic and social transition” which the United National Congress (UNC) began in 2025.
However, the Opposition People’s National Movement (PNM) has branded Prime Minister Kamla Persad-Bissessar’s promises and statements on the Budget as lies. The party expects Trinidad and Tobago to continue suffering in 2027, despite the Prime Minister’s prediction of “brighter days” in the Budget.
In August, Tancoo said the 2027 Budget would continue to prioritise improving citizens’ lives and livelihoods, as well as their standard of living, despite the country’s difficult revenue conditions.
He said, “I assure you, we’re going to continue in the same way we contributed in my first budget, which we focused attention on improving the quality of life and stability of people, despite our constraints.”
Speaking with Guardian Media yesterday, Tancoo offered no details about his 2027 package, saying only, “The Opposition PNM will absolutely hate this budget – they’ve proven themselves unpatriotic haters. Whether anti-crime measures or homes for citizens, PNM’s policy has been to oppose every measure to improve the lives of our people; they want our country to collapse and citizens to suffer.”
Tobago House of Assembly (THA) Chief Secretary Farley Augustine will be among the guests in Parliament today to witness the Budget presentation.
For the 2027 fiscal year, the THA is seeking $4.12 billion, representing 6.6 per cent of the projected national Budget, and more than it received for the 2026 fiscal year.
In 2026, the THA received $3.724 billion, or 6.3 per cent of that year’s Budget.
Among the areas expected to feature in today’s announcement are payments, investment, improved allowances and tax collection, job creation and energy sector plans.
At Tancoo’s Budget consultation in his constituency in August, attendees called for jobs, business and investment opportunities, ecotourism development and improvements to water supply. Government officials said last week that some relief in these areas was expected in the Budget.
Persad-Bissessar has also promised “thousands of jobs and billions in investment”.
Today’s announcement is expected to include billions of dollars in payments towards arrears owed to public servants. Tancoo said during the year that this would be included in the 2027 Budget.
Among other measures, Government officials said an increase in the personal tax allowance and an increase in the stamp duty allowance would be announced.
Plans for the energy sector are also expected, including initiatives involving foreign companies and developments concerning cross-border reserves. A status report on the Guaracara refinery is also anticipated.
The Government is also expected to outline measures to enhance revenue through a tighter tax collection and compliance system targeting tax evasion by individuals and corporations.
Details of business investment under the Government’s Revitalisation Plan are also expected.
Another priority in the 2027 Budget will be the Government’s housing drive and plans for the construction sector.
Following today’s presentation, Opposition Leader Pennelope Beckles will deliver her Budget reply on Friday morning.
The reply forms part of the usual process of examining the Budget, which must be implemented by the end of this month, when the 2027 fiscal year begins.
Once debate concludes in the House next week, the second phase will involve Opposition cross-examination of ministers on spending, the use and management of funds, and items contained in Budget reports on recurrent expenditure, revenue and Public Sector Improvement Plans.
In the final phase, the Senate will debate the Budget.
FLASHBACK -THE 2026 BUDGET
• Budget Theme “ TT First: Building Economic Fairness through accountable fiscal policies.”
• Total Expenditure of $59.232B.
• Total Revenue – $55.367B.
• Fiscal deficit – $3.865B.
• Oil Revenue- $11.254B.
• Non oil revenue- $43.402B
• June Mid year review showed changes in Budget projections.
• Based on oil price of (US)$73.25 per barrel (less than the 2025 basis of US 77.80) and gas price of (US)$4.25 per MMBtu (more than the 2025 basis of US $3.59)
• Among the nine Ministries with the largest allocation Education/Training got top dollars- $8.766 B
• Tobago House of Assembly received $3.724B – 6.3 percent of the package then.
• 24 Fiscal incentives ranging from levy on bank and insurance company assets, to tax exemption on private pensions
