NASSAU, BAHAMAS — The Opposition has once again criticized the Davis administration for failing to publish its budgetary reports on time, as required by law, arguing that the government’s unrealistic assumptions and continued wasteful spending will result in missed deficit targets, pushing the country further into debt.
Opposition Leader Michael Pintard said: “It is astonishing that while the Ministry of Finance can publicize tax collections for the fiscal year ending this past June, the government has deliberately delayed the May 2024 monthly budget report, even though it is now two months overdue. Given that the Financial Secretary recently shared Customs revenue data at the Rotary Club of West Nassau, we can assume the Ministry has the full-year financial reports. What excuse will they offer this time for not publishing their budgetary reports on schedule? Don’t spin us a story about the state of our finances—publish the numbers as required by law.”
Financial Secretary Simon Wilson, speaking at the Rotary Club of West Nassau last week, revealed that the Customs Department collected $1.3 billion last fiscal year, exceeding its target due to a crackdown on smuggling. Wilson also stated that the government expects to achieve a fiscal surplus by the next fiscal year or the year after, barring any unforeseen circumstances.
He explained that the introduction of corporate income tax would contribute one percent of the country’s gross domestic product (GDP) and help the government achieve its first surplus in an independent Bahamas.
Pintard added: “Although the Prime Minister, as Minister of Finance, may continue to delay the budget reports, he will eventually have to account for what is likely to be a much larger budget deficit than initially projected for the fiscal year just ended (FY2023/2024). Furthermore, since this government based its revenue projections for the current fiscal year on unrealistic assumptions and continues to engage in wasteful spending, the Davis administration is set to miss its deficit targets, pushing the country deeper into debt. Under their leadership, the country is heading towards low or no economic growth. The proposed corporate income tax will only give this administration more funds to squander.”
Pintard argued that to improve the country’s economic situation, the government must present a clear economic and fiscal plan, including full transparency through the implementation of the Freedom of Information Act. He emphasized the need for timely publication of budgetary and financial reports, adherence to the Procurement Act, disclosure of all government contracts, and robust anti-corruption legislation to prevent abuse of public funds.
“We’re not holding our breath for the Prime Minister to show any interest in accountability, transparency, fairness, or equity in public affairs. Therefore, by 2026 or sooner, an incoming FNM administration will implement these measures.
Additionally, we will treat small and medium-sized businesses as valued partners rather than adversaries. Unlike the current PLP administration, a Pintard-led FNM government will recognize the critical role Bahamian businesses play in driving our economy forward.
“We will remove the burdens imposed by government agencies—particularly the Department of Inland Revenue—on Bahamian businesses and support our entrepreneurs with favorable government policies. It’s time for a government that works for the people, not against them,” Pintard concluded.
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