House, Senate debate finance matters

THE House of Representatives will sit on Monday from 1.30 pm to debate a motion to approve a report of its Standing Finance Committee. The committee met on January 18 to approve supplementations of $800 million and $15,567,165 to the 2022/2023 budget allocations for the Energy Ministry and Foreign and Caricom Affairs Ministry respectively.

During the committee's deliberations, Energy Minister Stuart Young said this supplementation was in relation to the fuel subsidy.

Young said, "One of the responsibilities is for the Ministry of Energy and Energy Industries to manage the fuel subsidy that is being provided for the people of TT for many years, along with consultation with the Ministry of Finance."

He added, "That is what this whole movement of the $800 million is all about."

Young said the $800 million supplementation was for National Petroleum Marketing Co Ltd (NP) and Unipet payments towards the fuel subsidy. There was a $300 million payment on July 29, 2022, and a $500 million payment on December 22, 2022.

Later in the meeting, Foreign and Caricom Affairs Minister Dr Amery Browne said the increase in the allocation for his ministry was to deal with to deal with matters related to the operations of TT's diplomatic missions overseas.

The House will also debate the Finance (Supplementary Appropriation) (Financial Year 2022) Bill, 2023 on Monday.

The Senate sits on Wednesday from 1.30 pm to debate the Finance Bill.