“Expanding Opportunities, Island by Island”
Madam Speaker:
As a young lad growing up in Cat Island, I did not fully appreciate how fortunate I was.
It is a place with deep spiritual roots, often expressed in rake n scrape music, with great stories handed down from generation to generation.
As with so many family island communities, there is a strong culture of self-reliance. Even to this day many people build their own homes, go fishing and grow their own food.
Back then, most people wanted what they still want today: to catch a break, to have an opportunity, a chance to choose and walk their own road to happiness.
And so it is that I rise today in the name and on behalf of the people of Cat Island, Rum Cay and San Salvador, to open our budget debate which is dedicated to ‘Expanding Opportunity: Island by Island.’
A Budget To Celebrate
Madam Speaker:
This is truly an historic moment.
Just 4 years ago, in 2021, our economy was on the edge of a fiscal cliff.
Many Bahamians were living lives of quiet desperation.
Today we celebrate a landmark moment when, for the first time since Independence, we are forecasting not just a Balanced Budget, but a Budget with a Surplus.
We have pulled back from the edge of the cliff.
We have changed direction, and set a new course for growth and prosperity.
Where there was disquiet and despair, there is now hope and opportunity.
Things are by no means perfect, Madam Speaker, but look how far we’ve come.
None of it is by accident.
We publicly stated the four goals we intended to pursue when it comes to fiscal management, and, in partnership with the Bahamian people, we have achieved them all.
Goal number 1: Grow the economy.
Did we do it?
Yes we did!
Goal Number 2: Reduce our spending.
Did we do it?
Yes we did!
Goal Number 3: Improve revenue collection.
Did we do it?
Yes we did!
And Goal Number 4: Find new sources of revenue.
And did we do it?
Oh yes we did!
We resolved that the four elements of our strategy would, working in tandem, each contribute to righting the ship and bringing us back to a more sustainable position.
In order to grow the economy, we resolved to continue to address the Covid-19 pandemic by providing free testing and free masks, opening the economy safely, and cutting taxes to promote growth.
At the same time we realised that we could not rely on growth alone. This would have been unrealistic, given past trends where The Bahamas has, for any number of reasons, experienced low growth.
We determined to contain costs by identifying waste and duplication. We did not want to make the mistake of the previous administration and engage in severe cost-cutting and austerity measures. This had inflicted severe hardship on many Bahamian families.
We resolved to improve the administration of Public Revenue by doing a better job of collecting taxes from those who owed taxes, and had the means to pay.
And finally we agreed to pursue new Sources of Revenue, to diversify the public income streams.
Madam Speaker, we then went about consulting and sharing this strategy with the Financial and Investment communities, and therefore, were able to build confidence in our approach.
And we committed ourselves to restoring the relationships and reputation of The Bahamas, nationally and internationally, by actively re-engaging our partners.
Madam Speaker:
The strategy has borne fruit in the form of economic recovery, reduced unemployment, improved finances, and improved investor confidence.
It is manifested in the trading of our financial instruments and stabilized investor ratings and we are able to service and refinance maturing debt.
In simple terms: we are getting better deals in the financial markets.
It is this hands-on effort that has helped to produce the results, so that today, we are able to say that in the coming year, the Government of The Bahamas is forecast to have a Budget Surplus.
Benefits of a Balanced Budget
This budget for 2025/2026 reflects the values and policies laid out in detail in our ‘Blueprint for Change’, and builds on the progress and success of our previous three budgets.
Our agenda is focused on Security, Opportunity, Affordability, and Reform.
Security encompasses multiple goals: from national security to personal safety.
Opportunity, requires growing our economy, investing in people, and unleashing the potential of Bahamian talent.
Affordability, which means resisting global and local inflationary pressures, and addressing the structural issues which have led to prices in The Bahamas being too high for too long.
And Reform, which means modernizing government services in order to make them more responsive to the people, as well as embarking on the bigger changes which we need to bring about an economy that works for all.
The country stands to reap many benefits from working within a budget with a projected surplus.
The economic stability and fiscal responsibility which support it provide a great boost to investor confidence. Last week, just after I delivered the Budget Communication to this House, I went to New York to address a major Business Investment Seminar to investors interested in investing in The Bahamas.
There was a long line of serious investors with significant proposals, because of the boost in confidence in The Bahamas.
I never tire of telling people about how wonderful our country is, and the kind of opportunities we wish to attract in order to support our national development.
There are many other benefits to balancing the budget.
Without a deficit, The Government avoids accumulating debt, thereby reducing future interest payments.
A balanced budget signals fiscal discipline, which helps us in our drive to gain Higher credit ratings, and as a result, lower our borrowing costs.
Fiscal responsibility also enhances our credibility with international lenders and institutions such as the IMF, or The World Bank, which can be critical in times of global economic stress.
With our much-improved fiscal position we are able to continue to prioritise expanding opportunity for the Bahamian people.
Wherever you are, whatever your current situation, we want to create the best circumstances to provide you with opportunities, as well as ensure that you are best placed to take full advantage of them.
History of Tax Reductions
Madam Speaker:
At this point I wish to highlight one successive feature of our budgets, which is the year-on-year reduction in taxes which we have introduced.
Those who wish to create mischief like to claim that we have raised taxes.
We have not.
We have in fact reduced many taxes, and not imposed new taxes on Bahamians.
In keeping with our campaign commitment to The Bahamian people, in January 2022 we reduced VAT from 12% to 10%.
We followed that up in May, 2022, with a raft of tax decreases in the 2022/2023 budget. We completely eliminated customs duties on 49 food categories, and at the same time reduced duty on 7 additional food categories.
I’m sure many Bahamians will have noted that we reduced duty on chicken parts, wings, and leg quarters from 30% to 10% and reduced duty on chicken eggs from 30% to 5%.
Politics vs Poli-Tricks
Madam Speaker:
Before I go on, I wish to return to an issue which I have raised several times in this and the previous parliament.
That, Madam Speaker, is the issue of Standards in Public Life.
I raise it now, because, given some of the antics we have seen in the past several months, I am concerned that this debate does not descend into the kind of farcical behaviour we have witnessed in recent times.
This has undermined the dignity of all members, as it was seen not only here in The Bahamas, but around the world.
Yes, with an election on the horizon, and the infighting within the FNM we have seen play out in front of us, passions are likely to run high.
I am charitable enough to think that this is because deep down, people really care.
Deep down, they know that politics matter.
They know that the decisions we make affect the lives of all our citizens.
But these are serious times.
Given all that is happening in the world, with all the changes and uncertainties we are currently experiencing, serious times call for serious people.
And so, Madam Speaker, imagine my great surprise, when I stumbled across a book published some 22 years ago, entitled ‘Politricks, a confidential handbook for politicians, aspiring politicians and political soldiers’ written by one ‘Michael C. Pintard’, the same Honourable Gentleman who serves a Leader of His Majesty’s Loyal Opposition.
Having heard so much recently of the Honourable Gentleman’s pride in being a poet, I was not aware of his early observations on life as a politician.
He will likely say the book is satire.
But he himself seems to have adopted the advice in the book.
For example: on page 10, he describes a sign of political maturity as:
“…talking non-stop on issues about which you know very little and care even less”.
Ring any bells?
Here’s another one on page 84:
“Bahamians are chronic complainers, especially when they can hold someone else responsible. As a member of the Opposition, you must be the cheerleader – finding things for them to complain about and then leading by example; complain every time you even see a microphone or reporter.”
And one last one on page 31:
“Do not get caught up in the truth”.
Wow!
Madam Speaker:
There are reasons to believe the Opposition has adopted their leader’s playbook.
In the last parliament, every time I stood to speak, a favourite tactic of theirs was to shout and interrupt constantly, so that I was rarely able to finish my contribution.
This was a grave dis-service to the people of Cat Island, Rum Cay and San Salvador, in whose name and on whose behalf I serve in this place.
During this debate I hope that no Member feels, for example, the need to commit criminal damage, assault any member of the Parliamentary staff, or be dragged out, belly out, all for the sake of a headline.
I trust that Members will engage seriously and respectfully, with the issues at hand.
We will not allow poli-tricks to distract or diminish from the undeniable truths.
In the meantime, perhaps, the Leader of the Opposition benefits from the new initiatives we are spearheading for creatives.
There are alternatives to giving speeches in empty parks.
2. KEY BUDGET HIGHLIGHTS
Madam Speaker:
In my Communication to the House last week, I set out a host of new measures and initiatives which are contained in this Budget.
I will leave it to Ministers to set them out in detail in their contributions, but there are several notable features and elements in the Budget which I wish to highlight.
Addressing Budget Commentary
Madam Speaker:
As is customary, there has been widespread commentary around the budget since the Communication.
I am always pleased when the Bahamian people engage in this way.
Some of the commentary is clearly politically-motivated, but I have also been keenly interested to hear the reactions from members of the public.
And by and large the response has been very positive.
Balanced Budget vs Budget Surplus
Questions have been raised in some quarters regarding the distinction between a Balanced Budget and a Budget Surplus. It’s essential to clarify this.
It has been claimed that a Balanced budget was presented in 1999.
Because the Projected Deficit in fiscal years 1999/2000 and 2000/2001 was below 0.5 percent of GDP, it is argued that our budget for the upcoming fiscal year will not be the first “Balanced Budget” presented by a government since Independence.
The pettiness and churlishness of the argument is striking.
Still, let me clarify what a Balanced Budget is.
A Balanced Budget occurs when revenue matches expenditure.
Not when revenue is close, but still less than expenditure.
Not when revenue is a few dollars short, but not quite there, as was the case in the two years mentioned.
In the 2024/2025 fiscal year, we presented an overall deficit of less than one percent.
However, we did not announce this as a “Balanced Budget.” Alternatively, in the upcoming fiscal year 2025/2026, we are presenting a budget with a projected surplus.
This surplus indicates not just a balanced budget, but an expected overall reduction in debt levels, unlike the planned deficits presented in 1999 and 2000.
Our presented draft estimates for revenue are above the draft estimates for overall expenditure.
Balanced Budget – Merely a Forecast?
One element which I have found puzzling, is remarks by some pundits which attempt to diminish the importance of our Balanced Budget.
They have tried to dismiss it as ‘merely a forecast’. Have they not noticed that every Budget is a forecast?
Every item in every budget is a projection of the revenue the Government expects to bring in, the Expenditures it plans to make, along with a number of provisions as to how it will manage its debt and other obligations.
Perhaps the Opposition, when talking about the balanced budget, is only pretending to be so ill-informed.
Perhaps that’s what Politricks advises them to do, so they play games instead of celebrating a national milestone.
Take the forecast of the Balanced Budget & Budget Surplus. The Leader of the Opposition, tried to depict it as a farce, an illusion.
It reflects very poorly on him to think that the Government of The Bahamas would publish data which will be closely scrutinised by international investors, lenders and institutions, data on which they will base their decisions over the next budget year, and be reckless as to the accuracy of the information?
Perhaps its because his party’s forecasts were so far from reality that he thinks such a dangerous action could ever be contemplated.
But this is the difference between them and us.
This is why institutions like the IMF and Moody’s Ratings Agency have reported so favourably on our Administration.
We are more fiscally responsible, and more credible than they ever were or have been.
Grand Lucayan Hotel
Other questions and commentary have been around proceeds from the sale of The Grand Lucayan Resort.
I am pleased to be able to provide some clarity around the issue.
The Grand Lucayan was not directly owned by the Government of The Bahamas.
It was owned by a subsidiary of the Hotel Corporation of The Bahamas, namely Lucayan Renewal Holdings Limited.
This entity was established to oversee the operations and sale of the hotel.
As is standard practice, once the sale of the hotel is finalized, initial proceeds will be transferred to Lucayan Renewal. The initial use of these funds would be to settle expenses such a legal fees and other closing costs, including other pre-sale expenses.
Once all these costs are settled, the residual amount will be transferred to the Hotel Corporation.
This is not unusual and has been the standard practice of the Hotel Corporation through multiple administrations.
I am surprised that members of the Opposition seemed unaware of this, given that they were the ones who bought the hotel in the first place and incorporated Lucayan Holdings.
We haven’t forgotten the boastfulness of the then Minister of Tourism and Aviation, Dioniso D’Aguilar, saying about their disastrous deal, that it was “not a cataclysmic event” and “we think we’ve hit a home run”.
It has certainly been a disaster for the Bahamian people who’ve since had to foot the bill.
And now that a successful sale has been agreed, they could not even bring themselves to celebrate with the people of Grand Bahama.
Fiscal targets
Each year the Members of the Opposition jump in to cast doubt on the Government’s fiscal targets.
Most of this doubt related to concerns about the seasonality of revenue flows. Notwithstanding information from the previous year which clearly illustrate this seasonality, and notwithstanding statements made by me and the Minister of Economic Affairs, they continue to draw the same false conclusion.
They’ve been wrong each time, but once again I will restate the obvious.
The Government’s revenue is highly seasonal, with the majority of the revenue being collected during any fiscal year during the third and fourth quarters of that fiscal year, which is the first and second quarter of the calendar year.
Tax Assessments
Madam Speaker:
This year, we have an added bonus.
In the mid-year Communication, I spoke about outstanding tax assessments which were still subject to negotiations.
I am happy to report that approximately half of the $100 million in dispute were settled.
We believe that significant payments will be made before the end of this fiscal period.
We also do not forecast any fall-off in the primary drivers of revenue performance for the remaining month of the fiscal year, namely: departure taxes, VAT collections, business licenses and property tax collections.
On the expenditure side, capital spending was front loaded in the first half of this budget year. Planned investments in capital projects have been executed earlier than usual, in order to begin to break the cycle of late and under-executed capital works.
Monthly capital expenditure from July 2024 to November 2024 averaged $40.2 million, reaching as high as $53.7 million.
From December 2024 to March 2025, this expenditure normalized with payments averaging $16.3 million.
Political discipline and improved internal communication among the Ministries, Departments and Agencies, along with prudent fiscal planning, all contribute to this level of fiscal discipline.
Madam Speaker:
As a result of improved revenue and expenditure performances this fiscal year, and the monthly surpluses exhibited so far, I am confident that our deficit will fall to between 0.3 and 0.7 percent of GDP.
Borrowing Resolution
Madam Speaker:
I have seen the headlines questioning why a borrowing resolution is being tabled when the 2025/2026 Budget shows a surplus.
A read of the resolution would confirm that it simply allows us to refinance existing debt, meaning we can replace older, higher-interest loans with new ones at better rates.
It does not increase our total debt.
VAT Reductions
Madam Speaker:
Members opposite continue to raise the point that VAT should be completely eliminated on some goods. This is a feat that they did not accomplish when they were office.
During their administration, they raised the VAT rate by 60 percent on all goods and services, and made a very limited amount of goods – 23 items – VAT-free at the cash register.
In contrast, this administration reduced VAT to 10 percent on all goods and services and then 5 percent on certain essential items, such as unprocessed foods, feminine hygiene products, and medication. This VAT reduction was at the border and then at every step of the way.
So, the net decrease in VAT paid by the consumer is larger under this administration than under the previous, ill-conceived policy, where VAT was only eliminated on certain goods at cash registers.
This is because of the simple fact that, under the previous system, importers still had to pay 12 percent on imported goods at the border and then seek VAT refunds from the government, if they were a VAT registrant.
This policy only favoured the large importers.
The proposed new adjustment in the VAT rates strikes a balance between affordability for consumers, and sustainability for small businesses, ensuring that our tax system works for everyone.
We’ve Delivered
Madam Speaker:
Between the years 2000 and 2018, average real GDP growth in The Bahamas has been just under 1 percent.
Then came Hurricane Dorian and the COVID-19 pandemic, which dealt a severe blows to our economy between 2019 and 2020, where movements in real GDP were negative. These were extremely difficult years for Bahamians and this nation.
But since our administration took office in 2021, we’ve turned the tide with a clear mission to rebuild, recover, and push growth.
And we did just that.
Growth has rebounded, reaching 3.4 percent by 2024.
That’s a level of growth we haven’t seen in decades.
Madam Speaker:
Unemployment levels are at lows we haven’t seen in decades.
Or put another way, the number of people in work is at the highest level it’s been in decades.
The last time we saw unemployment this low was just before the global financial crisis of 2008.
This is a significant improvement from a peak unemployment level, which was over a quarter of the labour force, in 2020.
Tourism is up, and not just up, but thriving.
We have now surpassed pre-COVID levels, welcoming more visitors than ever before. This is a clear sign that confidence in our destination is strong, and that tourism, our largest economic sector, is not just recovering, but growing.
Inflation has come under control.
After peaking at over 5.6 percent in 2022, inflation has now fallen to under 1 percent by the end of 2024 and continues to trend downwards.
That is a HUGE achievement for our small and open economy, especially given the fact that we import the majority of our goods from abroad and have been exposed to ongoing global inflationary pressures.
In other words, even though we have been importing higher prices from a world economy in crisis, this government has made it a priority to help Bahamian families.
We’ve worked to improve affordability across every island.
Madam Speaker:
Investment levels in The Bahamas have been improving.
We are seeing high and sustained levels of investment, not just in New Providence and Grand Bahama, but across our Family Islands.
These investments are creating jobs and building resilience.
Madam Speaker:
Let’s talk about the state of our public finances, because today, they are in a better place than they were before.
Revenues are up.
Expenditure is under control.
Most importantly, our fiscal deficit has been dramatically reduced.
Just a few years ago, in FY2020/2021, our deficit stood at just over $1 billion, which was as high as 13 percent of our GDP.
This was a time of crisis, with our economy under immense strain from natural disasters and the economic lockdowns during the pandemic.
But through disciplined financial management, strategic reforms, and a commitment to fiscal responsibility, we’ve turned that around.
In our most recent full fiscal year, FY2023/2024, we have brought the deficit down to just $194 million, or 1.2 percent of GDP.
By any standard, to have achieved such a turnaround in just three years is momentous.
Or as the IMF described it, “remarkable”.
This was achieved even while providing more resources for healthcare, education, infrastructure, and social support.
Along with this, our debt to GDP ratio has also been on the decline.
The debt to GDP ratio went down from 88.7 percent in FY2023/2024, to 72.7 percent in FY2024/2025.
Madam Speaker:
None of this happened by accident.
These are the results of the wise strategic choices and priorities of our administration.
The facts tell a story not of decline, but of remarkable progress.
This is what responsible governance looks like.
And we are just getting started.
Madam Speaker:
In my Budget Communication, I reported that our administration has set a clear goal of bringing The Bahamas to an investment-grade credit rating.
I also outlined the specific targets and strategies we intend to pursue to achieve that goal.
These targets included:
· Higher GDP per capita levels;
· Higher revenue as a percent of GDP;
· Lower debt to GDP; and
· Lower interest as a percent of revenue.
Since then, I’ve taken note of commentary suggesting that this objective may not be achievable within the three-year timeframe I proposed, or even at all.
Yes the targets are ambitious, but ambition is necessary if great things are to be achieved.
Four years ago there were many who scoffed at the idea that we could achieve a Balanced Budget.
And yet here we are.
These are our goals and we have set out our roadmap as to how we will achieve them.
Yes it will require strong, continued fiscal discipline and wise stewardship of the economy, but we do not flinch from either responsibility.
This administration believes in setting high standards and working relentlessly to meet them.
Whether we reach investment grade in three years or slightly beyond, the important thing is that we are moving decisively in the right direction, with discipline and with purpose.
Madam Speaker:
Last week, the Leader of the Opposition stood and asked:
“The question isn’t what the Government will promise on budget day, it’s how many more promises they’ve failed to deliver.”
Well, Madam Speaker:
I am not a boastful person, but since the Leader of the Opposition asked so nicely, I will seize the opportunity to tell him what we’ve delivered.
The list is long, so it may take some time.
You see ours is not a world of poli-tricks.
When we speak of promises, our government doesn’t just talk, we deliver.
Let’s begin with Energy Reform.
Madam Speaker: we delivered!
After decades of the Bahamian people suffering from a broken, under-funded system, that resulted in exorbitant light bills and frequent blackouts, we have successfully integrated LNG into the energy mix and have entered into Public Private Partnerships for the upgrade and, in some instances, replacement of the the New Providence power transmission and distribution systems.
We’ve also entered several PPAs for microgrids throughout the Family Islands. In New Providence, we have entered into agreements for 70mW of solar power.
This is over half a billion dollars in private funding mobilized this year for energy reform.
And oh, did I mention: people’s light bills came down?!
We said we would reduce VAT.
And Madam Speaker: We delivered!
VAT was reduced from 12 percent to 10 percent, putting money back in the pockets of Bahamians, especially during tough times.
We also cut the VAT rate from 10 percent to 5 percent on unprocessed food items, and just last week, we extended this relief to all diapers, feminine hygiene products, and prescription medication, making everyday essentials more affordable for the most vulnerable.
We committed to reform public finances, and Madam Speaker: we’ve delivered.
When we came into office, revenue stood at $2.6 billion.
By the end of FY2023/2024, revenue had grown to over $3.0 billion, an increase of nearly $470 million.
At the same time, recurrent expenditure was reduced by $100 million to $3.0 billion in FY2023/2024.
We are on a path to fiscal discipline and sustainability.
Not as a catchphrase, but as a measurable fact.
And there’s more Madam Speaker:
We promised infrastructural improvements and… we delivered.
We’ve paved roads, upgraded clinics, repaired schools, and secured funding for two new hospitals in Grand Bahama and New Providence.
We have secured over $100 million in financing through the African Export Import Bank to support private sector investment in infrastructure in Exuma, Eleuthera and Cat Island.
We also secured guaranteed financing from UK EXIM Ltd to rebuild the Glass Window Bridge, a critical link for Eleuthera’s residents and one of the visual wonders of the world.
Once a contractor is selected, the loan agreement will be finalized. There has been some commentary on the estimated cost of $80M for this project. However, over the many years, we dare say that over $80M has been spent in patching. We intend to fix the problem properly. With the engineering complexity involved in doing this properly, it is estimated to cost up to $80M.
In New Providence, we are partnering with the Inter-American Development Bank to launch the comprehensive Road and Drainage Improvement Program for New Providence, making our roads safer and more resilient to flooding.
BahaMix, the government’s road paving entity, will complete this project.
These are not ideas on paper; they are concrete, visible improvements in our communities and in the lives of the Bahamian people.
We made education a top priority and, Madam Speaker, we delivered.
We have invested in the National School Breakfast Programme, increasing students’ attendance and performance, improving their life chances, easing the burden on families, and created new catering opportunities for food vendors.
Madam Speaker: I am so very proud of this initiative, and I take every opportunity that I can to visit schools and engage with staff and students. These are moments of real joy.
I still cannot believe that the Leader of the Opposition attacked the School Breakfast Programme.
How on earth can you fault something that is so obviously good, supporting our children and their families in getting an education.
Too much poli-tricks and not enough compassion.
But Madam Speaker:
We’ve done a lot more for education.
We also increased scholarships, prioritised school repairs, and invested in technology for students.
Auditions are currently underway for enrolment into CAPAS, our new national Creative and Performing Arts School of The Bahamas.
This has been a long-held dream of the cultural and creative community, and some members will be pleased to hear that there is no upper age limit to enrolment.
So those poets and performers among you, who may have dabbled in other pursuits in recent years, can take advantage of world-class professional training when your career here has ended.
We have increased our allocations to University of The Bahamas and Bahamas Technical and Vocational Institute as these institutions move to accreditation. Accreditation for both institutions will be a major milestone for tertiary education in The Bahamas and will no doubt have a positive impact on the entire education system.
Madam Speaker:
In this budget no new taxes have been put on Bahamians. This is consistent with our approach since coming into office.
We have managed national development and fiscal recovery without burdening our people with new taxes, a promise kept, even under fiscal pressure.
In terms of affordable housing, we didn’t just talk about it, we built it.
We delivered on our promise to increase access to affordable homes, a promise we will continue to fulfil.
Through a successful public-private partnership, the Pinecrest Subdivision in New Providence was developed, featuring 47 homes.
Along with this is the development of the Renaissance Subdivision which has also welcomed at least 52 new Bahamian homeowners.
Colleagues: please remind me how many homes the FNM government built?
That’s right – none!
They promised the world, but did not build a single new road, hospital, school or clinic.
Not one!
Nada.
Zero.
Zilch.
Madam Speaker:
Let’s talk about economic recovery.
The Opposition left this country in a freefall, but we brought it back.
We haven’t just returned to pre-COVID levels, we’ve surpassed them.
They should be thanking us, not just for cleaning up the mess they left behind, but for rescuing our beautiful Bahamas.
Madam Speaker we also fulfilled our commitment to remove The Bahamas from the various blacklists.
As outlined in our ‘Blueprint for Change,’ we took swift, decisive actions to clear up all pending matters and implemented proactive monitoring to protect our financial reputation moving forward.
We delivered on our commitment to disaster management, mitigation, and relief.
We implemented a National Disaster Risk Management Framework, strengthening early warning systems, response coordination, and community preparedness.
Additionally, we are securing a policy-based loan from the Inter-American Development Bank to help support disaster resilience in the face of climate-related emergencies.
This administration has also taken important steps to strengthen our disaster preparedness and response.
We have established two key funds: the Disaster Prevention Fund and the Disaster Emergency Fund.
Madam Speaker:
To our young people, we didn’t just say “you’re the future,” we put that belief into action.
We delivered on our promise to empower our youth through the establishment of the National Youth Guard.
Since its launch in January 2023, the program has trained over 250 young Bahamians in disaster preparedness, technical trades, and public service.
Madam Speaker:
We have also delivered on our promise to boost entrepreneurial development.
This investment has empowered thousands of Bahamian entrepreneurs, providing them with access to grants, loans, and equity funding to start and grow their own businesses.
As of December 2024, the Small Business Development Centre, an institution that supports micro, small, and medium-sized enterprises across The Bahamas, has facilitated over $92 million in funding, benefiting 2,456 clients across 16 islands. These efforts have strengthened our entrepreneurial ecosystem, fostering innovation and economic resilience throughout the nation.
So, Madam Speaker, when the Opposition asks how many promises we’ve failed to deliver, I say:
“We are too busy delivering our promises to keep count of their criticisms”.
Madam Speaker:
This Budget is not just another set of promises.
They are the results of a successful fiscal strategy, which has now put our country in a strong position to invest in the Bahamian people, and to expand opportunity for all, island by island.
REVENUE
No New Taxes
Madam Speaker:
In respect of the Revenue-raising Measures contained in this Budget, let me begin by assuring this Honourable House and the Bahamian people, that this administration is not introducing any new taxes and fees on Bahamian citizens.
Our focus remains firmly on Improving Compliance, Updating Outdated Frameworks, and ensuring equity and sustainability in our revenue system.
This year’s revenue measures are structured around six major themes:
- Affordability;
- Environmental health;
- Marine protection and development;
- Modernizing operations;
- Tax Measures Update; and
- Private cruise destinations.
Improving Compliance
Madam Speaker:
In my Communication, I spoke about the positive impact private destinations is having on our economy. I also spoke about the mutual goal of the cruise lines and the Government to improve compliance with our laws at these locations.
We have tabled measures to improve compliance at these destinations. These measures cover Immigration, Customs and Water Sports.
Madam Speaker:
Under the Immigration Fees Regulation Amendment, individuals who are engaged in gainful employment aboard passenger ships and disembark to perform services on land at a private cruise destination will now be required to obtain a temporary work visa. A fee of three dollars per day will be charged, inclusive of contributions to the National Insurance Board on behalf of both the employee and the employer.
Every non-Bahamian working in The Bahamas, regardless of their point of arrival, must be properly documented, and companies found in violation will be held accountable.
Under the Harbour Dues Act Amendment, a wharfage fee of $20 per ton would be assessed on any cargo which is being cleared at a sufferance port, which would include private cruise destinations.
Madam Speaker:
For water sports operations at private cruise destinations and elsewhere, the Commercial Recreational Watercraft Act was amended to penalize non-Bahamian operations.
Madam Speaker:
In previous Budget Communications and statements to this House, I have spoken about the underperformance on VAT on real estate. I have also introduced a variety of measures to address this under performance, including an amnesty, and modernizing the system to collect VAT on real estate. The results have still been disappointing.
From the public utterances of the real estate professionals, the Ministry of Finance has estimated that Government is being deprived of about $100 million a year in annual revenue, with most, if not all related to foreign purchases of Bahamian real estate. In this budget, we are proposing a comprehensive set of measures to address this leakage.
The most obvious form of leakage is underreporting the transaction value. In the past we did not have the tools to identify underreporting, however, with improvements in our processes we can identify underreporting pretty accurately. The proposed amendment to the VAT Act provides penalties for underreporting including in the most extreme cases, an application to the Supreme Court for forfeiture to the Treasury.
Madam Speaker:
Another loophole is structuring the transaction to disguise the transfer of ownership, for example, putting the property into a Bahamian company, which is owned by a company in another country and then transferring shares of the parent company. The reality is that these transactions would not be possible without the involvement of real estate professionals. Hence the amendment to the VAT Act requires professionals to report on all transactions. While the current amendment speaks to new construction prior to passage this would be adjusted to speak to reporting on all transactions.
Finally, there are still too many transactions which are not recorded. We are proposing an amendment to make recording land transactions in the registry of records mandatory. This aligns with the work we are doing with Land Reform.
Updating Outdated Frameworks
Madam Speaker:
With respect to another amendment to the VAT Act, a taxable person or entity will no longer be permitted to claim input tax deductions for goods and services used in major construction projects, or as building docks, reclaiming land, or undertaking developments valued at over one million dollars, unless they are in the business of supplying real property as part of their regular operations.
In other words, if a real estate developer is building homes or commercial spaces for sale, and the costs are directly tied to those taxable sales, they will still be able to claim VAT credits.
However, for private developments not intended for resale, this benefit will no longer apply.
This is to ensure that VAT refunds are used appropriately and not in ways that disproportionately benefit large private interests at the expense of the public purse.
At the same time, we are also making provisions to allow for the refund of VAT where it has been overpaid, ensuring fairness and transparency in the system.
In addition, religious organizations will now be formally included under VAT-exempt categories, as part of our broader effort to clarify and streamline tax relief for such entities.
Madam Speaker:
We are also introducing measures to enhance maritime safety and regulation.
Amendments to the ‘Water Skiing and Motorboat Control Act’ will establish enforceable safety protocols for jet ski operators, including the mandatory wearing of approved flotation devices and restrictions on operating during hours of darkness.
Jet skis will also be prohibited from carrying passengers unless both parties meet the safety requirements.
All motorboats will be required to display a visible registration number. These changes are designed to ensure the safe and responsible use of our waters.
In addition, in the Port Authorities Amendment Bill there is a requirement that all foreign vessels would now be required to keep on Automatic Identification Systems while they are in Bahamian waters.
This assists with search and rescue but also aid in identifying vessels which are not complying with the terms of their entry permit.
These revisions ensure that the tourism and marine leisure sectors contribute fairly to national revenues.
Madam Speaker:
We are strengthening the enforcement of seabed leases.
Under the Port Authorities Amendment Bill any unauthorized use of the seabed will attract penalties.
This protects our marine resources and ensures proper regulation of underwater space.
We have also put in place a mechanism to collect environmental levies on seabed leases.
This is important as we have established that the seabed has substantial monetary value.
Madam Speaker:
We are amending the Customs Management Regulations to have three categories for cruising permits, with a fee increase.
With the amendments to the Fisheries Resources Regulations, we are also tightening the permit process and delinking the fishing permit and anchorage approval from the cruising permit.
There will be separate charges for a fishing permit and any vessel not with marina or yacht booking would need to pay for an anchorage permit.
Under the amended Port Authorities Act, the Minister would have the ability to designate anchorage zones throughout the archipelago.
This will only be for places where anchoring by a foreign vessel is allowed.
Madam Speaker:
To simplify processes for frequent travellers who visit the Bahamas with their own craft by sea or air, we are introducing a Frequent Visitors Digital Card in the amendment to the Customs Management Regulations.
Valid for two years, this card applies to private boats and private aircraft and substantially lowers the cost for the private pilots and private boaters that come as repeat visitors.
The card will be valid for a 2-year period at a cost of $2,000 and allows unlimited admissions without the payment of Customs processing fees.
Ensuring Equity and Sustainability
Madam Speaker:
It is well known that non-Bahamians have substantial presence in the yacht charter sector. This has occurred because we have been slow to update regulations that allow limited foreign participation in the sector.
These regulations allowed high-end charters to be booked outside of the country.
But the market for yacht charter is now predominantly a high-end market, so Bahamian yacht brokers could not participate in the growth of this industry.
This will change with the passage of the compendium of legislation on the marine sector.
Non-Bahamian charter operators using sea vessels within Bahamian waters will now face well-defined enforcement measures for licensing, inspection, insurance, and registration requirements.
Failure to comply may result in the imposition of fines, and the impoundment of vessels.
Fixed penalties will be introduced under the Commercial Recreational Watercraft Act and amendments to the Boat Registration Bill.
Madam Speaker:
This administration is also taking steps to protect the environment and hold polluters accountable.
An amendment to the Environmental Health Services legislation will make both domestic and foreign commercial vessels, including cruise ships and inter-island cargo vessels, responsible for the emission of pollutants or contaminants.
Penalties will be assessed based on the size of the vessel and the nature of the emissions, whether at sea or on land.
In addition, we will be introducing a tipping fee of $300 per ton for waste emanating from a cruise ship that goes to the New Providence Landfill.
The proceeds from the collection of this fee will be allocated to a new Environmental Health Services Levy Fund established under the Public Finance Management Act Amendment.
This Fund will support the development, maintenance, and rehabilitation of waste management infrastructure on the Family Islands, including dumpsites, transfer stations, and treatment facilities. It will also support public education and training initiatives in sanitation and waste management.
Madam Speaker:
As part of our push to modernize the economy, amendments to the Customs Management legislation will allow cannabis imports to be permitted exclusively for medicinal use. To be clear, importation would require the approval of the Cannabis Authority.
Other amendments will be introduced in respect of prefabricated homes, which will now require prior approval from the Ministry of Works before importation.
To support industrial development, an amendment to the Industries Encouragement Act will allow for approved manufacturers to import laboratory equipment and supplies free of customs duty.
This is intended to encourage the establishment of in-house labs for spot testing and quality assurance.
Madam Speaker:
We are amending the business license act to address the proliferation of liquor stores by allowing the community to have a say in whether the license is granted or not.
We are lowering VAT and customs duties on several essential items.
VAT has been reduced on hygiene and medical supplies.
Customs duties will be removed on key building materials, retail butane fuel for domestic and emergency use, and signage for churches.
Reductions will also apply to cleaning products, small household appliances, 20-ton trucks, and filters of all types.
Madam Speaker:
Proper asset management is a vital part of responsible fiscal stewardship. The new Asset Disposal Assessment Unit established under the Public Finance Management Act Amendments will ensure that government property is disposed of properly, and that revenues from these sales are fully realised. This will help to reduce pressure on public expenditure in the long term.
Madam Speaker:
We continue to pursue the collection of outstanding real property tax.
Derelict properties not only reduce tax revenues but also contribute to housing and urban decay.
To address this, the Real Property Tax Act was amended to introduce tax concessions for the repair or removal of derelict residential buildings.
Where owners commit to improving such properties, exemptions from real property tax arrears will be granted.
We will also establish a minimum property tax on land containing derelict buildings.
Madam Speaker:
Recent revisions to our GDP statistics, based on updated methodologies, have revealed significantly higher revenues relative to GDP than previously projected over the medium term.
In response, the Government is adjusting its fiscal objective.
The gross revenue to GDP target for fiscal year 2025/2026 has been revised downward from 25 percent to 23.6 percent.
We intend to return to the medium-term target of 25 percent in subsequent years, aligning fiscal strategy with sustainable growth.
Madam Speaker:
These measures reflect a clear and focused revenue strategy.
We are not placing additional burdens on our people.
Instead, we are reforming enforcement, investing in environmental protection, modernizing economic policy, and creating incentives that support development. This administration remains committed to building a fairer, more resilient, and more competitive Bahamas.
EXPENDITURE
Madam Speaker:
I wish now to turn to measures relating to Expenditure for the upcoming fiscal year.
We are moving forward with the second phase of our comprehensive Public Service Salary Review.
The first phase, now complete, focused on middle management and above. Public servants will see increases in their salaries at the end of this month.
This second phase will bring salary adjustments of 2 to 8 percent for the remainder of the public service, a vital step to help restore purchasing power lost to inflation, while also promoting fairness, retention, and morale across the public sector. The second phase will be implemented in September 2025.
Madam Speaker:
We are also expanding the health insurance coverage for all government employees.
This initiative will:
· Provide broader protection for our public officers;
· Reduce out-of-pocket medical costs; and
· Improve overall access to healthcare for those who serve our nation.
We’re also modernizing the delivery of healthcare benefits by enhancing the National Health Insurance program.
We are transitioning the prescription drug benefit from the National Insurance Board to NHI, supported by a new, upgraded IT system.
This digital shift will improve operational efficiency, ensure private insurers pay when required, and help reduce pressure on the public purse.
Madam Speaker:
In the next fiscal year, we will continue to make meaningful progress with One Tax Bahamas, our effort to build a simpler, smarter, and more transparent tax system. This will be ready January 2026 to incorporate DMTT.
We are developing a modern digital platform so that individuals and businesses can register, file, and pay taxes online, with no more long lines or piles of paperwork.
To date, we have:
· Designed the foundation for a secure and user-friendly tax system;
· Begun development of a new taxpayer registration portal and website;
· Drafted robust data protection and privacy policies, which will include provisions to address issues of cybercrime and wrongful use of artificial intelligence; and
· Engaged key stakeholders across government to ensure the system serves all Bahamians effectively.
To stay on schedule, we’ve made several key strategic decisions, including using a cloud-based solution to prevent delays, and to ensure the system is ready by March 2027.
We continue to work hand-in-hand with our partners to meet international standards and deliver a tax system that works for the Bahamian people.
Madam Speaker:
We are continuing our commitment to Grand Bahama, allocating $1 million for the West Sunrise Highway, and maintaining support for COLLAB and the Grand Bahama Humane Society.
We are also continuing our support to the Small Business Development Centre in Grand Bahama to ensure that entrepreneurs have the tools they need to thrive.
Madam Speaker:
Across The Bahamas, we are investing $31 million in road remediation, drainage infrastructure, sidewalk development, and roadworks.
Additionally, $6 million has been allocated for airport infrastructure development.
Madam Speaker:
We are making significant investments in health, including:
· Funding new medical equipment
· Preparatory work for the New Providence hospital
· Construction of new clinics in the Family Islands
· Maintenance and upgrades for community clinics and medical facilities
Madam Speaker:
We are prioritizing food security by investing in the development of the Centre for Food and Nutrition Security, and continuing support for farmers and the Golden Yolk Program.
These efforts will help reduce our dependence on imports and strengthen local food systems.
Madam Speaker:
As I have referenced earlier, Education remains a cornerstone of our national development. In this budget, we are:
- Allocating $25.8 million for the maintenance and expansion of public primary and secondary schools
- Investing $8.6 million in school ground improvements and digitization
- Providing $37.9 million in scholarships for UB, BTVI, and international studies
- Supporting operations at UB and BTVI with over $52 million allocated in the upcoming budget
- Giving grants to the Centre for the Deaf, the School for the Blind, and Stapledon School
Madam Speaker:
We are addressing housing and social needs by:
- Allocating $5 million for small home repairs; and
- Providing $2 million to continue the Rent-to-Own Housing Programme
Work is being continued with the Renaissance Subdivision housing project in this budget.
We have put in place measures to fund this project independently through the interest earned on the Mortgage Insurance Fund for additional housing infrastructure.
We have also bought forward an amendment to the Central Bank Act which would allow use of unallocated interest from dormant accounts to fund home roof repairs.
We are also continuing to support those who deliver critical aid to our communities, with funding for children’s homes, NGOs, and charitable organizations.
In total, $29.6 million has been allocated for social assistance to ensure food, shelter, and basic needs for our most vulnerable.
Madam Speaker:
We are investing $4.5 million to support small and medium-sized businesses, with additional funding for the Small Business Development Centre.
These investments are about creating jobs, building wealth, and empowering Bahamians to succeed.
Madam Speaker:
National security remains a top priority.
The Royal Bahamas Defence Force has been allocated $17.7 million for equipment and sea vessels and the development of the Coral Harbour and Inagua Bases.
We are also funding the acquisition of fire trucks and expanding our CCTV network to enhance public safety.
Madam Speaker:
This budget is about one thing above all else: putting the Bahamian people first across all islands.
Our efforts to strengthen revenue are not just about balancing the books.
It is to enable the Bahamian Government to strengthen its support for, and investment into, the Bahamian people.
Revenue is being reinvested into improving lives, building communities, and developing our country.
This should come as no surprise to anyone, as our choices and priorities across the public finances, reflect core PLP values.
Our party was founded on the principles of social justice and equality.
Labour rights and fair wages, environmental stewardship and the empowerment of women and young people all sit at the hear of our mission.
And we have long-standing commitments to progressive economic policies, social protection and healthcare, and education for all.
This budget reflects who we are, not just as a party, but as a people.
3. EXPANDING OPPORTUNITY
Madam Speaker:
The idea of ‘Opportunity for all’ sits at the heart of this budget.
Two things are necessary to benefit from opportunities:
1) Need to create more opportunities
2) Need to make sure people are ready to take advantage of the opportunities.
Seizing Opportunities
Madam Speaker:
Along with creating the structures and providing resources to support opportunities, we are committed to doing all we can to support the Bahamian people to take advantage of them.
I urge every Bahamian to commit to a personal programme of education, skills and training.
Whatever your age and stage of life, whatever your circumstances, please put yourself on a path to fulfil whatever dreams or ambitions you may hold.
The new technologies and ways of doing things favour those who are ready to put their best foot forward.
It’s never too late, and at this stage of our national development, there are so many reasons why Bahamians can be strongly positioned to better enjoy the fruits of their labour.
And the career paths on offer are many and varied.
The Bahamas Polytechnic Accreditation and Training Hub for high schoolers is a new facility designed to provide career, technical, and vocational education and training for high school students.
I’ve already mentioned CAPAS, the new Creative and Performing Arts School offering free, world-class professional training in the Creative, Performing and Production Arts.
Then there’s the Upskill Programme which will provide paid online certification courses and hybrid training across a range of sectors including AI, data science, marketing, etc.
The Blue Economy Accelerator (in partnership with The Nature Conservancy & IDB) provides support for marine-based entrepreneurs.
And we are also increasing resources for other programmes:
- $2.6m for the National Maritime Academy
- Creating a New Business Development Incentives Act for large businesses investing locally at a level of $50M+ turnover
- Providing $3m in new funding for the Venture Capital Fund
- And creating a new line of $100,000 annual funding support for the Dundas Centre for the Performing Arts
- We continue to roll out the National Apprenticeship Programme.
Island by Island
Madam Speaker:
In their contributions, my parliamentary colleagues will outline the many projects and initiatives we have in constituencies in New Providence, and throughout the Family Islands.
And so for now, I will concentrate on the islands in my constituency.
On Cat Island, the people can see the progress being made as we improve the roadworks and expand the airpot.
A new hydroponic farm will also be built as part of a network of 5 farms on Cat Island, New Providence, Grand Bahama, Abaco and Andros.
A number of agricultural tractors and equipment are also being delivered.
On San Salvador, a major road rehabilitation programme is already underway and a new high school is to come. Rent-to-own homes are being built.
On Rum Cay, the clinic will open shortly and a new terminal building is on the way.
Madam Speaker:
These islands still have very small populations.
In 2022 San Salvador had a population of 824.
In the same year, Cat Island had a population of 1,602.
While these kinds of infrastructural improvements significantly benefit the lives of the residents, we must continue to be sensitive and mindful that development should be at a pace, and in a manner that retains the special character of these communities.
And I continue to be so very proud and grateful for the love and support of the people.
Structural issues: Cost of Living and High Inequality
Even as the economy has continued to improve, we know that we have a lot of work to do. There are still too many Bahamians that simply struggle. Of course the lower light bills and reduced VAT on food helps, but they are not enough.
The increase in the minimum wage, reductions in duty and other measures have also helped.
But the main causes of the cost of living and inequality are structural. These are not issues that can be fixed overnight, but we are determined to make a start.
As already announced late last this year, the Government is already moving forward to address some of the fundamental causes of the high cost of living in the country.
We are developing legislation to strengthen competition.
And we have already launched several initiatives under our Trade Diversification strategy.
Given the new global tariffs being introduced by the new American administration, it is fortunate that we had already begun to expand and diversify our trade partners.
We are also developing policies to reduce the costs of domestic trade between all our islands.
I have spoken on several occasions about the need to promote greater ‘Economic Justice’ in The Bahamas.
It is not right that as our national economic circumstances improve, all Bahamians are not able to feel an uplift in their situations.
Madam Speaker:
The strong, positive economic outlook for The Bahamas does not mean that there are no challenges on the horizon.
However, in starting to build a Budget Surplus, we are in the fortunate position of being able to prepare ourselves better for a literal ‘rainy day’.
Hurricanes & Climate Change
Despite the shifting global political commitments, we still live with the existential threats brought about by climate change.
We pray that we are kept safe another year from any major hurricanes, even while we work to make ourselves more resilient and better able to cope with any that come.
Having invested a substantial amount of personal time and effort in cultivating face-to-face relationships with leaders, investors, major institutions, technologists and industrialists, I can confidently say that The Bahamas has friends.
Should the worst happen, and we need to call on others, help will be ready and willing.
But here I wish to highlight three major climate-related initiatives.
The first, is the $124 Million Debt-for-Nature Swap we contracted to this fiscal year. We launched a debt conversion project to refinance $300 million of our external debt, unlocking an estimated $124 million in savings over 15 years for marine conservation and climate change mitigation.
Because of the long-term national interest, this was an area in which I hoped we would find national unity, but sadly the Opposition predictably opposed it.
Suffice to say others recognised the innovative step we took, and the project won the ‘Environment Social and Governance Deal of The Year’ at the Latin American Bond Awards 2025.
This brings me on to my second point.
My global advocacy for Climate Justice, especially for Small Island Developing States has elevated The Bahamas’ position and voice at international forums.
We now are not only in the room, but have a seat around many decision-making tables, meaning that we are not merely rule-takers, but rule makers.
My third point relates to The Bahamas Sustainable Investment Programme. This will be launched at COP 2028 to generate a half a billion dollars in climate adaptation and resilience funding: funding our future through international fundraising.
Crime
Crime remains high on the list of long-term challenges facing our Bahamas.
Even so, we have made clear in-roads on our strategy to cover Prevention, Policing, Prosecution, Punishment and Rehabilitation, and are rationalising a vast number of programmes and interventions that exist across a number of agencies.
In particular, our ‘Clear, Hold, Build’ initiative has had a strong positive impact in Englerston, and we are already seeing progress in Carmichael and Nassau Village.
We will continue the rollout of the programme.
Changing Geo-Political Landscape
Madam Speaker:
One of the more worrying features of the changing geo-political landscape is the increasing willingness of states to engage in armed conflict. As we intensify our efforts to win a seat on the UN Security Council, it is worth noting that while such conflicts may not directly impact us, indirect impacts may be significant. As we have already seen in the region, worsening security conditions can mean an increase in refugees and human smuggling, changes in availability of and access to resources, and uncertainties as to how to plan.
Madam Speaker I raise these issues here not to alarm the Bahamian people, but instead to reassure that the strength of our fiscal position means that we are better place than we have been for decades, to deal with any headwinds which may come.
These are serious times, Madam Speaker, and they call for serious people.
Navigating these rapidly-changing times, and dealing with complex issues on behalf of the Bahamian people, requires knowledge, skill and experience.
Poli-tricks may win you a seat in parliament, but they won’t help in your ability to do the job.
4. CONCLUSION
Madam Speaker:
As I come to the end of my contribution, I wish to recognise and give thanks to the many people who have helped in the preparation of this budget.
The staff in the Ministry of Finance continue to do a first-class job in shouldering the great fiscal responsibility that they have, and I thank them wholeheartedly for all their efforts.
I am especially grateful to the Finance Team, made up of the Minister of Economic Affairs Minister Halkitis, the Financial Secretary Mr. Simon Wilson, the National Economic Advisor Mr. Nat Beneby, and the Senior Policy Advisor Mr. Jerome Fitzgerald. I meet with the team weekly to help chart and steer the economic Ship of State.
Every government Ministry, Department, Agency and State-owned Enterprise which has participated in months of Budget Hearings, is responsible for all of the substantive policy actions which are in the budget. The prudent management of their resources along with efforts to implement government policy are deeply appreciated.
On a more personal note, I wish to publicly thank the staff in the Office of The Prime Minister who provide such support for the work across the whole government. Their commitment is unsurpassed.
In particular, I wish to recognise the Permanent Secretary, Mr. Creswell Sturrup, who brings the wisdom and experience of many years spent in the public service. I also wish to recognise Ms Allison Collie, my Chief of Staff and Head of the Prime Minister’s Delivery Unit who, apart from delivering a number of priorities, leads the charge in helping me to accomplish so much on any given day.
Those I thank are a cross-section of the many thousands of Bahamians in our country who each day make such a positive contribution to our society.
They represent the diversity of people in our country – talented, educated, capable people – who choose to give of themselves to in supporting our national development.
They prioritise the national good and the national interest ahead of financial gain, and sometimes at the expense of family life, and all Bahamians benefit from their sacrifice.
Madam Speaker:
It is the Choices and Priorities we make in life that define us.
In several budget contributions, I have highlighted the fact that National Budgets are a statement of a government’s Choices and Priorities.
I do so, because I wish to constantly remind the Bahamian people that what is happening today was not inevitable.
Things didn’t have to be like this.
Under a different government, given their hostility to our choices and priorities, the successes and achievements we now enjoy would never have come to pass.
But, in partnership with the Bahamian people, our choices and priorities have put the economy firmly on course for growth and opportunity, island by island.
Our choices and priorities are good for The Bahamas and good for the Bahamian people.
And so I invite the members of the Opposition to also make a positive choice.
Join us in this national effort, and focus on the common good.
Stop wishing for failure.
Challenge and oppose us to make things better, not to destroy the good name of others, or damage the reputation of our Bahamas.
The wonderful people of Cat Island, Rum Cay and San Salvador sent me here with hearts full, and hopes high.
Madam Speaker:
With their continuing support, the partnership of Bahamians everywhere, and the strength of Almighty God, this budget meets the moment of their expectation.
And I commend it to the House!
END