Like every other budget, under every government, the budget – this being the 2024 budget will be the largest ever. However, for the first time in the history of Guyana the budget is expected to be over 1 trillion dollars. This expectation is based on the fact that in addition to the budgeted expenditure of $781, 880, 963, 000 the PPP government submitted five additional financial papers for the year 2023 that totaled $118, 231, 927, 947 bringing the year to an end with a total approved sum of $900, 112, 890, 947.
Of the $900 billion dollars, we are yet to see the commencement of several projects, some projects are merely now seeing the sod being turned and for the projects that have start there are numerous public outcry about the poor standard of work being carried out by the friends and family contractors associated with the PPP Government.
Of the $118 billion additional sums approved during the year, 2023 ended without numerous projects starting. For example, 2023 ended without the Bartica Potaro Road being started after monies were approved in the National Assembly on August 9th 2023. This is just one example of what is to be expected after large sums of monies continues to be budgeted, and approved in the National Assembly.
WHAT THE PEOPLE EXPECT FROM BUDGET 2024
The enthusiasm that Guyanese had for the first oil budget has deflated over the years as the PPP administration continue to present budget after budget with no real tangible benefit to the ordinary man and woman. However, Guyanese still have basic expectations from the government for budget 2024.
Among these expectations Guyanese expect
- Free Education from Nursery to University, as is constitutionally stipulated
- Increase in the income tax threshold to $150, 000
- Increase in the minimum wage by 50%, and associated adjustment along the public and private sector.
- Reduction in vat
- Increase in old age pension $70, 000
- An increase in budgeted allocation to GECOM to cater for a more superior system that includes but not limited to biometrics.
- Remove the cost of residential house lots
- Significantly investment in national security
- Equitable adjustment and increase in cost of living allowance
- Investment in provision of Public Transportation
- Reduction in the interest rate for home owners
- Increase subvention to NDC and Town Council that will not be subjected to central government directive
- Monetary provisions for first time home builders.
Those expectations are certainly reasonable for the nation to expect given the expected trillion-dollar budget.
Additionally, with more money being budgeted for expenditure, the opposition expects to be given more time in the consideration of the estimates, as it is unreasonable to expect any real scrutiny of a budget over one trillion dollars to be done within the same time frame that was used to scrutinize $200 billion budgets.
Those are some of the reasonable expectations of budget 2024, but like every other Guyanese, we will not hold our breath as the PPP Government continues to fail the nation with regards to bettering the lives of every Guyanese and not just a selected few.
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Statement issued by Alliance for Change (AFC), Juretha Fernandes MP- Shadow Minister of Finance on Friday January 12, 2024
