NASSAU, The Bahamas — The Free National Movement (FNM) is pressing the Davis administration to address what it calls months of silence on unexplained borrowing and budget breaches tied to two government projects.
In a statement issued Sunday, East Grand Bahama MP J. Kwasi Thompson said the opposition has repeatedly sought basic disclosures on a $10 million loan recorded to Carmichael Village Development Project, Inc. and significant overspending at the Parks and Beaches Authority.
“The FNM is again asking the Davis Administration to come clean. The Public Debt Statistical Bulletin for FY2024/25 records again a $10 million loan to an entity identified as Carmichael Village Development Project, Inc. The government has not tabled the loan agreement. It has not identified the beneficial owners. It has not published the due diligence, the procurement process, or the terms and security for the public’s money. We asked for these documents months ago. We are still waiting,” Thompson said.
He also pointed to fiscal irregularities at the Parks and Beaches Authority.
“The same bulletin confirms a troubling pattern at the Parks and Beaches Authority. Parliament approved a $24 million budget, yet in nine months spending exceeded that figure by roughly $7 million. We have also seen a $11 million loan from the Treasury. Yet across New Providence and the Family Islands, many parks remain in disrepair and serious neglect. Where did the money go? Who authorized the overspend? What was borrowed against the future and on what terms? The public has a right to know.”
The opposition argued that fiscal accountability is a basic expectation and accused the government of concealing critical details from taxpayers.
“Fiscal responsibility and accountability are not complicated. Table the paperwork. Produce the contracts, the loan agreements, the vendor lists, and the payment schedules. Identify the decision makers and certify compliance with the Public Procurement Act and the Financial Administration and Audit Act. If everything is in order, prove it.”
Thompson said the FNM remains committed to transparency and will continue to push back against what it describes as “off-book borrowing” and “budget breaches without accountability.”
“The FNM is clear about our standard for transparency. We oppose off-book borrowing, shell entities with no public trail, and budget breaches without accountability. Every dollar belongs to Bahamian families. They should never have to beg for the truth about how their money is used.”
He concluded:
“Bahamian taxpayers have earned straight answers. Provide the documents. Explain the decisions. Stop hiding the ball.”
