THOMPSON INSISTS THAT INCREASE IN REVENUE HAS NOT TRANSLATED TO A BETTER LIFE FOR BAHAMIANS

Sep 25, 2022

It is to be expected and no surprise that the country’s revenue has had a significant increase. The economy was recovering under the last FNM administration and we saw a significant increase in revenues prior to the change in Government. The increase in revenue is to be expected as the year prior we were in the middle of COVID and still recovering from Hurricane Dorian. Our economy is now open, and our Tourism performance has significantly improved.

The Opposition is however extremely concerned that the increase in Revenue has not translated to improved circumstances for Bahamians. Bahamians continue to struggle with high prices, high inflation, high energy costs, high food prices, and a high crime rate. Life is not better for most Bahamians. While we see an increase in taxes collected from Bahamians we do not see a corresponding increase in assistance and relief in particular for islands still recovering like Grand Bahama and Abaco.

We do however see an increase in travel and subsistence which happen to exceed the budgeted amount by 11.1 percent. It was also very concerning that the Government spent 34.8 million less on Small Business assistance. Unfortunately, Small Businesses continue to struggle as they have not received significant help during the inflation crisis, and many continue to struggle to survive. The government should not take a victory lap as most Bahamians are still struggling to survive the inflation crisis.

J. Kwasi Thompson

Member of Parliament East Grand Bahama Shadow Minister for Finance
September 9, 2022

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