Mr. Deputy Speaker,
Despite all the headwinds we’ve faced, despite all the hardship, we are now a country on the move.
Together, we are confronting our most difficult challenges, the ones that have held us back for too long – and it is the determination and the ingenuity of our people that is powering our country’s progress.
Governments can write smart laws, and implement innovative policies. But those laws and policies can only create substantial and enduring change if we work in close partnership with the Bahamian people.
So as I speak today and in the coming weeks about advances already underway, and as we describe our plan to build on and expand that progress, I want to recognize that our nation’s gains and successes are possible only because of our extensive collaboration with the many, many Bahamians who are contributing their ideas, their talents, and their smarts, to moving our country forward.
Mr. Deputy Speaker,
With a heavy heart to offer condolences on behalf of my wife Ann and myself, and indeed the entire nation, on the passing of our dear friend Anthony Allen. Tony was a pillar of strength to so many, a man of principle and decency, someone who, even in the quietest of gestures, moved mountains.
Tony Allen exemplified what it meant to lead not through force, but through integrity.
He was thoughtful when others were rash, calm when others were reactive, wise in a way that few could match.
When there was uncertainty surrounding the future of the Atlantis project, Tony didn’t seek applause or attention, despite the high stakes. He went to Toronto, he made our case, and his clarity and conviction.
Preserved thousands of jobs and safeguarded economic stability.
His intervention didn’t just save a project; it kept food on the tables of thousands of Bahamian families.
Beyond his career, Tony was a father, a mentor, and a true friend. He offered advice freely, without pretense. He listened, he cared, and he acted. Ann and I feel this loss deeply. To his daughters, Tami and Toni Chris, and to the entire Allen family we extend our deepest sympathies. May his legacy live on in all those he touched.
Mr. Deputy Speaker,
It’s impossible for me to speak about this year’s budget without first thinking of people like Tony—those who gave their all to build a fairer and stronger Bahamas—and then thinking of those who will carry that work forward.
Last week, the students of the High Schools graduated on Cat Island and San Salvador. When I think about this budget, I think about those students. I think about what lies ahead for them. I think about helping them thrive during an era of change and uncertainty.
The graduating students of Old Bight want – and deserve – what thousands of Bahamians across every island want and deserve: a fair shot.
Mr. Deputy Speaker,
That’s why we’re focused on expanding opportunities, across the country. Island by Island.
It’s a woman who clocks out of at 4 p.m. from work and signs onto an online course by 6. She’s tired, yes. But she’s determined. She’s learning coding, or bookkeeping, or AI — something that opens a door she thought was shut forever. She’s doing it while raising kids. She’s not waiting for life to slow down. She’s grabbing hold of the future, even as it races ahead.
It’s a security guard in his forties who says, “You know what? I want something different.” And he logs on, at night, after a long shift, and begins to upskill. Not just for a job change—but for a life change.
It’s a student in Inagua or Mayaguana who, through new broadband access, gets to attend the same courses and earn the same credentials as someone in Nassau. The “where you are” doesn’t decide the potential anymore.
Expanding opportunity means telling every Bahamian: you’re not too old, you’re not too far, and it’s not too late.
Mr. Deputy Speaker,
We’ve been through tough times. We inherited a crisis — fiscal, education, public health. In the middle of that storm, we didn’t retreat. We got to work. We made choices that were different from our predecessors. And slowly, steadily, we righted the ship.
Today, unemployment is the lowest it’s been since 2008. Our public finances are stronger. Investment is flowing back into our islands.
This budget is about building an economy that works for everyone—from Grand Bahama to Inagua, from the graduate in the Family Islands to the grandmother in Nassau raising her grandkids while taking care of a sick parent.
It’s about rewriting the rules so that hope and hard work can take you where you want to go.
We are modernizing the electricity grid. We’re fixing the roads. We’re investing in food security. But most of all, we are investing in people.
In education. In training. In upskilling. In opportunity.
Because if we get that part right, everything else will follow.
Mr. Deputy Speaker,
You’ve heard my colleagues share our vision for expanding opportunity. You’ve heard them speak about the work happening across ministries on every island, in every settlement, and in every corner of our country. And today, I want to take this opportunity to speak not only about that work, but about the deep belief that drives it.
I want to begin with the work being done in education. Because when we speak about expanding opportunity, this is where it begins.
I have watched the work of the Minister of Education closely, carefully and I have come here today to say that what she is doing is reshaping this country’s future.
I have walked into schools with her. I have seen the long days and the pressure she carries. And I have seen her resolve. The job she’s doing is not easy. It never was. But she has taken on this work not with fanfare, but with deep conviction because she understands what’s at stake.
She started with a simple truth: children can’t learn if they’re not in school.
So we went out and found them. We sent out attendance officers. We opened a national hotline. We walked through communities. Today, attendance in our public schools is above 95 percent.
That didn’t happen by chance. It happened because of leadership and hard work.
She said no child should start their day hungry and now nearly one million breakfasts have been served. That’s one million served to children enabling them to start the day with dignity, with nutrition, with a chance to focus and learn.
She has overhauled the curriculum.
Our children are learning with materials written by Bahamians, in a voice they recognize. Robotics is being taught in primary schools. Financial literacy is part of the national syllabus. Students are speaking up in class — not just repeating, but thinking, expressing, building confidence.
She’s building new pathways that recognize the many an diverse talents our students bring to the table.
Through BPATH, young Bahamians will gain hands-on experience in trades that are vital to the economy we’re building — sustainable energy, marine science, digital technology. We are not sending the message that success only belongs to a few. We are building a system where every student can find their own way forward.
She is going to make it possible for a mother working two jobs to still take an online class. For a young man who left school early to go back and finish what he started. That is what Upskill Bahamas will do. That is what we meant when we said opportunity must reach everyone.
She’s brought high-speed internet to our most remote schools. I’ve been to those communities. I’ve seen what it means for a teacher on a far-flung island to finally have reliable technology. I’ve seen what it means for a student who can now attend the same digital course as someone in New Providence.
She has invested in teachers. She’s supported their development, created new career pathways, and built morale back where it was broken. She’s taken steps to make schools safer. Trained security officers. Installed proper systems. Reduced incidents and brought a sense of control and care back to our campuses.
She’s ensured that special education, mental health support, and speech therapy are treated as essentials in a student’s development. She’s growing the Marjorie Davis Institute. She’s expanding behavioural support. She’s training counsellors and bringing care into the classroom.
I’ve seen the results.
I’ve seen students sitting tall again.
I’ve seen parents with a renewed trust in our schools.
I’ve seen teachers who feel seen, valued, and supported.
Mr. Deputy Speaker,
The Minister of Education is delivering on a promise to the people of this country.
And I want every Bahamian to know:
We are going to keep going. We are going to keep building. We are going to stay the course because the work is not finished.
And when history looks back on this period, I want them to say this was the time we rebuilt the foundation. This was the moment we believed again in what our children could be.
Mr. Deputy Speaker,
We are changing the way we approach agriculture in The Bahamas. And at the forefront of that change is the Member for Centerville, the Minister of Agriculture and Marine Resources, the Honourable Jomo Campbell.
He is leading our vision. A vision to make agriculture a career path, a business model, a generational legacy once again.
He is expanding opportunity in our fields, our farms, our fisheries, and our food systems.
Across this country, we are seeing the results. New layer houses are under construction. Feed mills are being developed. Hundreds of thousands of locally produced eggs are being processed in The Bahamas, for The Bahamas.
Students in schools from Grand Bahama to Long Island are learning by doing—managing small-scale poultry operations, selling their product, and learning economics, science, and responsibility. That is opportunity in the classroom and in the community.
Farmers in North Andros are selling produce directly to national buyers through a government-supported programme that connects producers with guaranteed markets.
We are scaling that model island by island, building local food systems that create jobs, generate income, and feed our people.
Through his leadership, vertical farming\is being introduced in multiple Family Islands. These high-efficiency farms are growing clean, reliable, nutrient-rich food all year round, with less water, less space, and less dependence on imported goods.
He is bring the sexy back to agriculture, Clay.
He has gone to the fields, to the docks, to the greenhouses. He has listened to the farmers and fishers, and what he’s delivered in return is infrastructure, tools, training, and access.
He has equipped schools with learning labs. Delivered tractors to Family Islands. Launched mobile labs to bring diagnostics directly to the farmer.
He has expanded access to licensing and financing. He has digitized application systems. He is reducing delays, removing red tape, and giving producers the power to grow.
In fisheries, his work continues. Patrol vessels have been deployed. Enforcement has been strengthened. Training is underway at the LJM Maritime Academy. Exporters are being supported to meet global standards. New partnerships are being built across the sector.
Mr. Deputy Speaker,
When we speak of expanding opportunity, this is what we mean.
A young couple in Exuma raising their own poultry, feeding their family, and starting a small business. A high school student in North Andros selling peppers and tomatoes through a national programme. A fisherman in Long Island getting certified and reaching new markets. A retiree in Eleuthera launching a backyard farm and teaching a younger neighbour how to do the same.
The Member for Centerville is creating the conditions for people to succeed on their own terms.
Mr. Deputy Speaker,
I am proud of the work of our Deputy Prime Minister, the Member for Exumas and Ragged Island.
In every area of his portfolio — tourism, investments, aviation — he has brought discipline, drive, and a sharp focus on expanding opportunity for the Bahamian people.
He understands what it means for a child growing up on a Family Island to dream of more. He knows what it takes to turn that dream into something real. And that understanding is evident in the work he’s doing across our archipelago.
Under his leadership, we are breaking tourism records and broadening the base of who benefits.
More Bahamians are owning, managing, and building. Through the Tourism Development Corporation, training and grants are giving Bahamians the tools to create and scale their own businesses—from fishing excursions to food tours, eco-tourism to heritage walks.
He is opening new doors in aviation. Across Grand Bahama, Exuma, Long Island, Cat Island, North Eleuthera, and Mayaguana, we are building modern airports.
He has signed agreements to develop the next generation of Bahamian pilots, air traffic controllers, and aviation engineers. He is making it possible for young people who once saw flying as a distant dream to now see it as a viable career.
And the Emirates interline agreement, secured through his leadership, connects The Bahamas to new markets and new opportunities.
It sends a clear message: we are a global destination, and we are open to the world.
In Exuma and Ragged Island, he has led tangible change. A new bridge, completed. A world-class road network, delivered. Water systems upgraded. Clinics expanded. Schools being built. Investments negotiated and signed. Local pride restored.
Everything he has done has one clear goal: to create more space for Bahamians to succeed, wherever they live.
And I am proud to work beside him.
Mr. Deputy Speaker,
When the Member for Elizabeth rose to speak earlier this week, she did so with the clarity and conviction of someone who understands not only the urgency of the work—but the people behind it.
She spoke about the students at Thelma Gibson Primary School—bright-eyed, full of promise, ready to take on the world. And then she reminded us: our job is to build the systems that let them do exactly that.
We have made bringing reform and change to our energy system a priority – because we know that you can’t build a 21st century economy with a system that is unreliable, expensive, and outdated.
More than 63,000 households have benefited from lower energy bills through the Equity Rate Adjustment. Families that were living in the dark have had their lights turned back on. That’s what the Minister’s “Merry and Bright” reconnection campaign achieved—thousands of homes, thousands of people, back on the grid.
Today, we’re building solar fields in our Family Islands. We’re introducing battery storage and cleaner fuels. We’re building a new energy future—one that’s reliableand affordable.
This is absolutely crucial for our economy. Because when you roll out renewable energy, you create jobs. When you build a grid, technicians get updated training. When you modernize infrastructure, you give people the skills and careers to go with it.
She said it, and she meant it: we are building the most highly skilled energy workforce in the region.
That’s not just a target. It’s a commitment. And it’s happening.
Mr. Deputy Speaker,
The Minister is also pushing forward progress in Transport. New Road Traffic offices. Student driving programmes. Safer bus stops. Fairer taxi policies. Real reforms that touch the lives of ordinary Bahamians every single day.
In maritime affairs, we have made important progress — stronger, updated regulation, new investment, cleaner docks, and a landmark weather radar project to protect our islands and keep our people safe.
The changes we’re making in energy will be felt across our islands, by every family and entrepreneur and business. I won’t tell you it’s been easy – changing how a country generates, transmits, and stores energy is enormously an complex issue, with very few easy decisions – but we have been determined not to kick the can down the road.
We are proud of the work we’ve done, and very optimistic about what the changes will mean for the ability of Bahamian businesses to compete.
At the end of this presentation, we will table all of the energy contracts signed under this administration.
Mr. Deputy Speaker,
The Member for Elizabeth has been focused, determined, and getting things done.
Mr. Deputy Speaker,
I want to take a moment to speak about the work of the Minister of Health and Wellness, the Member for Tall Pines.
When I asked him to take on the responsibility of health and wellness. It was a call to take on one of the hardest, most complex challenges in public life.
He understood what it means for a mother in San Salvador who no longer has to take three days off work, find a flight, and pay for accommodation just to get her child a blood test. Because now, for the first time, that test can be done at her local clinic.
He understood what it means for a daughter in Cat Island watching her father struggle with kidney failure—finally being told he could receive a transplant not abroad, but here at home. That family, that story, is why we do this work.
Mr. Deputy Speaker,
Across the Family Islands, labs are going up. Diagnostics are going online. In Long Island, in Inagua, in Eleuthera, in Exuma—care is coming closer to home.
He has fought for nurses to be trained and hired. Midwives to be posted. Clinics to be renovated. And doctors to be recruited—not just from abroad, but from here, from our communities. He is building a healthcare system that grows Bahamian talent, retains it, and rewards it.
He has tackled mental health, expanded geriatric care, and laid the groundwork for universal healthcare. And in doing so, he has carried a truth that many ignore—good healthcare doesn’t begin in hospitals. It begins in homes. In clinics. In communities that feel seen and supported.
And this week, something extraordinary happened.
For the first time in our history, a live donor kidney transplant was performed at Princess Margaret Hospital. It happened here, with our doctors, in our hospital. That one surgery will ripple out across the country, inspiring hope in every family struggling with dialysis, every patient waiting in uncertainty.
And that moment — quiet, powerful, life-changing — is the story of what this Minister has done.
He is delivering belief.
He is giving families the one thing they’ve needed most—hope that they can stay healthy, stay home, and still receive world-class care.
And I am proud—truly proud—to stand with him in this work.
Mr. Deputy Speaker,
There are few things more powerful than a government that chooses to act—not simply to manage, but to build. To shape a future that works better for everyone.
And when I look at the work being done by the Minister of Works and Family Island Affairs, the Member for Central and South Eleuthera, I see exactly that kind of government in action.
We are investing in roads and bridges.
We are investing in people. In communities. In a country where no one is left behind.
Across the length and breadth of our islands, we are building. In New Providence, we’ve launched more than $100 million in roadworks. Roads that drain, sidewalks that protect, intersections that save lives.
In Eleuthera, the transformation is clear. The Hatchet Bay Dock is being restored. Roads that were once impassable are now being paved. Clinics are under construction. And the long-awaited international airport is finally becoming reality.
And it’s happening across our Family Islands. In Abaco, the airport terminal is nearing completion. In Long Island, a new airport is coming. In Andros, bridges are being repaired. In Bimini, seawalls are being rebuilt. In Inagua, clean water is flowing into homes where it had been missing for too long.
Each of these projects carries with it a story. A story of a father finally able to work closer to home. A child who walks safely to school. A nurse who opens the doors to a clinic that is clean, equipped, and ready.
This is what it means to expand opportunity.
My favorite TikTok Minister has led this work with purpose. He’s walked job sites. He’s engaged with communities. He’s held his Ministry to a standard of discipline and delivery. And he has shown what is possible when government gets the basics right—and then builds on them.
This is part of a plan. A belief that every island matters. That every Bahamian deserves infrastructure that matches their aspirations.
Because when you pave a road, you connect a family to a school, a business to its customers, a patient to care. When you build an airport, you open up a community to the world. When you invest in water, in power, in public spaces, you tell people: you matter.
Mr. Deputy Speaker,
There are few things more powerful than helping a family turn the key to their own front door for the first time. It is a moment that changes lives. It is a moment of pride, of relief, of possibility.
And it is a moment that more Bahamians are experiencing because of the work of the Minister of Housing and Urban Renewal, the Member for Carmichael.
Under his leadership, we are putting Bahamian families in Bahamian homes. We are restoring hope in communities where that hope had worn thin. And we are showing what government, at its best, can really do.
Across New Providence and the Family Islands, new subdivisions are rising. Homes are being built not someday, but now. Rent-to-own programmes are underway, giving working Bahamians the chance to move from uncertainty to ownership. Government-owned rental units are being restored to the standard our people deserve.
In Carmichael, where demand has long outstripped supply, we are delivering the first government subdivision in that constituency in decades. In Englerston, derelict properties are being transformed into livable housing. In Abaco, in Grand Bahama, in San Salvador, homes are being built, repaired, and restored.
The Urban Renewal Authority, strengthened under his leadership, is now reaching into communities with targeted programmes that work. Roofs are being repaired. Yards are being cleared. Neighbourhoods are being renewed.
He is investing in young people—through the Urban Renewal Band, through job creation programmes, through outreach that lifts communities from within.
Mr. Deputy Speaker,
Every time we hand over the keys to a new home, we are doing something bigger than construction. We are creating stability. We are giving families the chance to plan, to grow, to belong.
Mr. Deputy Speaker,
I want to take a moment to lift up the work of the Minister of Labour and the Public Service, the Member for Golden Gates.
In a time when so many are looking for security, for fairness, for the promise that their hard work will be respected—she is delivering.
Under her leadership, we have not just improved labour relations. We have transformed how government responds to working people.
She has signed over two dozen industrial agreements — more than any Minister of Labour in modern history. Nurses. Teachers. Police. Customs officers. Public servants.
These aren’t just contracts.
They are acts of respect.
They are acknowledgements that the people who carry this country on their backs deserve better — and are finally getting it.
She has made regularization a reality.
Thousands of Bahamians who worked for years on month-to-month contracts — never certain, never secure — are now permanent and pensionable.
They can finally plan. Finally breathe. Finally believe that their service was seen.
She is modernizing the public service. She’s introducing training at every level.
Developing new recruitment pipelines. Focusing on performance. Setting standards for excellence. This is how we rebuild belief in our institutions—from within.
And she has brought serious reform to labour protections. Inspections have increased. Enforcement has been strengthened. She is not tolerating abuse, not ignoring violations, and not letting bureaucracy be an excuse.
Mr. Deputy Speaker,
She is doing all of this with discipline, with clarity, and with heart.
When she speaks about expanding opportunity, it is not theoretical. It is lived. It is personal. It is real.
A contract worker who now qualifies for a mortgage. A trade school graduate who now has a pathway into the public service.
This is the kind of progress that doesn’t make noise—but makes lives better.
And I am proud to serve alongside her.
Mr. Deputy Speaker,
When I think of what it means to turn a corner, to recover not just in numbers but in spirit, I think of Grand Bahama. And when I think of what it means to lead that kind of recovery — with vision, focus, and heart — I think of the Member for Pineridge, the Minister for Grand Bahama.
She has taken on one of the hardest assignments in government. A community wounded by years of disappointment, battered by storms, overlooked by leaders who promised much and delivered little. But where others stalled, she stepped forward. And she has not looked back.
She didn’t just call for recovery. She built it.
From the first day in office, she focused on getting people back on their feet. Through the Beautiful Grand Bahama programme, over 500 people found employment — people who had lost hope, now working, cleaning, building, learning, contributing again. She brought back dignity and pride to neighbourhoods where those values had been neglected.
She launched the Restoration Village, providing transitional housing for displaced families. Not just with shelter, but with wraparound support—education for children, employment support, mentorship. That is what expanding opportunity looks like when done right.
And under her leadership, Grand Bahama is rising again. Over $3 billion in investments are now underway or completed. From Celebration Key to the Grand Lucayan redevelopment, from the Freeport Health Campus to the reopening of schools, hospitals, and roads — she is connecting vision to delivery.
She brought home Grand Bahamians who had left in search of work. She put them in jobs, in leadership positions, in their own communities. She called them home—and they answered.
She created Collab, a model for how public service can meet people where they are—offering job training, grant opportunities, NGO partnerships, support for entrepreneurs, and mentoring for youth. She has made the Ministry for Grand Bahama a place of purpose, not just paperwork.
She’s launched microgrants to empower creatives and innovators. She’s spearheaded youth programs—from maritime education to STEM and entrepreneurship. She’s given people not just resources, but belief that they matter.
She has made sure that as Grand Bahama grows, Bahamians grow with it.
Mr. Deputy Speaker,
This is leadership that doesn’t happen by accident. It’s what happens when someone refuses to give up, refuses to be distracted, and chooses to lead with heart.
The Member for Pineridge is expanding opportunity the way it should be done: from the inside out, from the ground up.
And I am proud to work with her to help deliver the future that Grand Bahama has waited far too long to see.
Mr. Deputy Speaker,
There is no task more fundamental for any government than keeping its people safe.
And I want to take a moment to recognise the work of the Minister of National Security, the Member for Free Town.
Because what he has done—quietly, consistently, with discipline and moral clarity—has shift our approach from one that merely reacts, to one that prevents. From a system built to punish, to one built to protect. From short-term fixes to long-term change.
And the results speak for themselves.
Major crimes are down. Murders are down. Illegal guns are being removed from our streets. Surveillance is expanding. Patrols are active. Drones, radar, CCTV, and partnerships with the United States and CARICOM are all part of a strategy that says clearly: we will not be outmatched by those who seek to bring harm.
But even more importantly, he is going upstream—addressing the root causes of violence with courage and compassion.
He understands, as we do, that you cannot arrest your way out of a crisis. That real security begins long before a crime is committed—in schools, in families, in communities where young people feel they belong.
That’s why his Ministry is investing in youth through structured, focused, evidence-based programmes: the Let’s Swim Bahamas initiative, HYPE, the Defence Force Rangers, Shock Treatment, the National Youth Guard, and the Urban Renewal centres being built across New Providence.
These programmes are lifelines. They are changing the course of lives that might otherwise have been lost.
He has restructured our correctional system — building a facility that focuses on rehabilitation, not just confinement. For the first time, we have juvenile and female correctional facilities designed with dignity and purpose.
He’s making progress with virtual courts, forensic lab development, parole integration, and investments in a new national prison.
He’s leading a new anti-gang strategy, implementing harmonized firearms legislation, and enforcing our human trafficking laws with commitment and care.
And perhaps most powerfully of all—he has helped this country see that public safety is a shared responsibility.
His whole-of-government and whole-of-society model is now a foundation of how we govern: everyone, from law enforcement to education, social services to the private sector, playing a role in building a safer Bahamas.
Because it isn’t just about locking people up. It’s about unlocking potential.
It’s about a young boy who chooses school over the streets because someone showed up in time.
It’s about a woman walking home in peace, because the streetlight is on and the patrol car passes.
It’s about a community once marked by fear, now defined by hope.
And it’s about a country that believes in justice—not just in the courtroom, but in every classroom, every clinic, and every community.
Mr. Deputy Speaker,
This is what security looks like when done right.
This is what reform looks like when it’s real.
And this is what leadership looks like when you serve with principle.
I am proud to work alongside the Member for Free Town as we build a Bahamas where safety isn’t a privilege—it’s a right.
Mr. Deputy Speaker,
What kind of country do we want to be?
That is the question the Member for Pinewood, Minister of State for the Public Service and Urban Renewal, has asked — quietly, consistently — and answered through his work.
A country where no one is left behind. Where help is available not only in times of disaster but in the daily struggles of life. Where government stands not over people, but beside them.
He has taken a ministry long viewed as a stopgap and turned it into a launchpad—lifting people out of hardship with structure, with purpose, and with dignity.
Over 40,000 Bahamians received direct social assistance last year through the work of his ministry — food, rent, utilities, burial support, school uniforms. But these were not acts of charity. They were acts of fairness — ensuring that no one is abandoned simply because they’ve hit a hard time .
He has digitized applications, cut through bureaucracy, and made it possible for people to access help faster and with less frustration. That’s not just reform. That’s respect for people’s time, their struggle, and their right to be treated with decency and diginity.
He is supporting carers — the unpaid heroes, the grandparents raising grandchildren, the neighbours who check in on the sick and elderly. Through caregiver support and expanded home care services, he is turning quiet sacrifice into visible support.
And his work goes deeper.
He has made elder care a national priority. He’s helping shape policy that ensures older Bahamians can age in safety, in community, and with honour. And he’s laid the groundwork for disability reform, child protection improvements, and social investment planning that doesn’t just meet today’s need—but prepares for tomorrow’s.
He is also driving transparency. For the first time in over a decade, this Ministry produced a full, publicly available annual report.
And in every Family Island, he’s pushing for local empowerment—appointing Family Island Administrators with clearer roles, stronger support, and new resources to get things done on the ground.
Mr. Deputy Speaker,
The Member for Pinewood has carried this responsibility with humility, clarity, and resolve. His work reminds us that social policy is not about handouts—it’s about giving every Bahamian the ability to live a life of dignity.
To the single mother trying to keep her family together.
To the elderly man without close kin who still deserves a hot meal and a check-in.
To the family hit by crisis who needs help just to get through the month.
They are not forgotten. They are not invisible.
And because of the work of this Minister, they are no longer waiting on the margins of our national story—they are part of its future.
That is what expanding opportunity looks like.
And that is why I am proud to serve with him.
Mr. Deputy Speaker,
This administration believes in giving our young people the best start. Not just a seat at the table, but a real chance to build something of their own. That belief runs through everything we do—but nowhere is it more evident than in the work of the Minister of Youth, Sports, and Culture, the Member for Garden Hills.
He has treated this portfolio as a national mission.
Because of his leadership, we are seeing real, tangible changes in the lives of young Bahamians.
The Department of Youth, once present on just three islands, now operates on eight. This expansion means that more young people—regardless of which island they call home—now have access to structured programmes, mentoring, and support.
Through the Be Inspired grant programme, nearly 100 young entrepreneurs have received the funding and guidance they need to turn their ideas into income. These are bakers, photographers, app developers, artists—young Bahamians who now see a future in their passion, not just a pastime.
He has revitalised youth engagement across the board. From Youth Parliament to the National Youth Advisory Council, from scholarship partnerships to internships, the Ministry is helping young people find their voice and use it to shape their communities.
In sports, he is giving our athletes more than applause—he’s giving them a system that works. Subvention support has expanded. More disciplines are being recognized. Facilities are being upgraded, and the support structure around our athletes is finally catching up to their potential.
The Grand Bahama Aquatic Centre is under construction. National teams are being better resourced. Coaching certification has been expanded. And more students than ever are accessing sport development through their schools.
In culture, his commitment is equally clear. Junkanoo groups have received increased funding. Cultural grants are reaching Family Islands. The National Art Gallery is expanding its reach. And the first National Cultural Policy is being drafted to safeguard our heritage for future generations.
Mr. Deputy Speaker,
What this Minister has done—quietly, effectively—is change the way young people see themselves in the story of The Bahamas. They are not future leaders. They are leaders now. They are not waiting for permission. They are taking their place.
That’s what happens when a government believes in you. And under the leadership of the Member for Garden Hills, we are turning that belief into opportunity.
I am proud to work with him in this mission.
Mr. Deputy Speaker,
This work—the work of building a fairer, stronger, more inclusive Bahamas—is not done alone. It is carried by a team. A team of Ministers and Members of Parliament who have stepped forward in one of the most difficult periods in modern Bahamian history and said: we will deliver.
Because this administration does not just see the country as it is. We see the country as it could be. A place where people are no longer held back by broken systems, but lifted by ones that work. A place where barriers are not accepted as permanent, but confronted and removed.
That belief—that determination—is what drives every Minister and every Member of this government.
That belief—that determination—is what drives every Minister and every Member of this government.
The Member for Fox Hill, the Minister of Foreign Affairs, Frederick Mitchell, is restoring our reputation abroad and reforming our service at home. He is reasserting our voice in international forums while ensuring that the dignity of the Bahamian public servant is restored and respected.
The Minister of Economic Affairs, Senator Michael Halkitis, is shaping a fairer and more transparent economy, delivering relief, reform, and new opportunities to businesses and working families.
The Minister of Agriculture and Marine Resources, Jomo Campbell, is rebuilding our food systems and empowering farmers and fishers island by island.
The Minister of Education, Glenys Hanna Martin, is transforming how we teach, what we teach, and how our students prepare for the future.
The Minister of Energy and Transport, JoBeth Coleby-Davis, is leading a transformation in how we power our homes, move around our country, and bring services to every community.
The Minister of Environment and Natural Resources, Vaughn Miller, and the Minister of State, Zane Lightbourne, are protecting our land and water, modernizing waste management, and taking bold steps to address climate resilience.
The Minister for Grand Bahama, Ginger Moxey, is spearheading one of the largest recovery and investment efforts in the nation’s history — restoring pride, delivering jobs, and reconnecting communities.
The Minister of Health and Wellness, Dr. Michael Darville, is expanding access to care, recruiting doctors and nurses, and restoring belief in public healthcare.
Mr. Deputy Speaker, last year my administration made the decision to fund the launch of a national organ donation and transplant programme. That decision was personal to me. My own brother died from renal failure. I’ve seen the toll it takes on families. I’ve felt the helplessness of watching a loved one wait—sometimes in pain, sometimes in silence—for a second chance that never came.
That’s why what happened this week at Princess Margaret Hospital moved me deeply. A father donated his kidney to his son. The surgery was successful. It was done here, at home, by Bahamian doctors, supported by our regional partners.
It marked the beginning of something we’ve worked and prayed for: the return of transplants to our public health system.
This year’s Budget allocates $1.59 million to continue building that programme. Next year, we’ve already set aside $3 million to expand it even further. Because in a country where over 600 Bahamians are on dialysis, where hypertension and diabetes are far too common, for me this is about healthcare this is about giving people a fighting chance. We are no longer just treating the illness. We are restoring hope. And we are proving that our public healthcare system, when supported and believed in, can save lives.
The Minister of Housing and Urban Renewal, Keith Bell, and Minister of State Lisa Rahming are delivering homes, restoring dignity, and rebuilding communities with purpose.
The Minister of Immigration and National Insurance, Alfred Sears, is ensuring our borders are secure and that every Bahamian receives the benefits they have earned.
The Minister of National Security, Wayne Munroe, is delivering on justice reform, strengthening our security institutions, and keeping our communities safe.
The Attorney General and Minister of Legal Affairs, Ryan Pinder, is modernizing our legal framework and building confidence in the rule of law.
The Minister of Social Services, Information and Broadcasting, Myles LaRoda, is giving people the support to survive hardship and move forward with dignity.
The Minister of State for Disaster Risk Management, Leon Lundy, is preparing our islands to withstand and recover from the storms we know are coming.
The Minister of Labour and the Public Service, Pia Glover-Rolle, is restoring fairness and security to public officers and workers across the country.
The Deputy Prime Minister and Minister of Tourism, Investment and Aviation, Chester Cooper, is leading the revival of our economy, creating jobs, and opening our country to the world.
The Minister of State for Aviation, Basil McIntosh, is strengthening aviation infrastructure and making air travel more reliable and accessible.
The Minister of Works and Family Island Affairs, Clay Sweeting, is delivering roads, docks, bridges, and water—essential services that connect and sustain our communities.
The Minister of Youth, Sports and Culture, Mario Bowleg, is expanding access for young Bahamians, developing talent, and investing in the next generation of leaders.
But our progress isn’t powered by Ministers alone. It’s powered by every Member of Parliament on this side—especially those who may not serve in Cabinet, but serve their constituents with relentless commitment.
These Members are in the clinics when the power goes out, at the schools when the roof leaks, in the communities when families are grieving, or when celebrations are due. They are pushing to get potholes filled, students sponsored, families fed, and young people supported.
They’ve been a voice for the voiceless, a hand up for the struggling, and a bridge between community needs and national policy.
They sit in meetings, answer late-night calls, stand up in town halls, and follow through—not for recognition, but because they care.
That’s what leadership looks like.
So whether they serve on a committee, in a backbench seat, or walk into an office without a Ministry behind their name—they are doing the work.
The unseen work.
The necessary work.
I wish to express my deep gratitude to the dedicated team at the Ministry of Finance and the countless public servants across government who continue to carry out the work of nation-building with skill, discipline, and commitment. From designing policy to managing the details of implementation, their quiet dedication is the backbone of our progress. It is because of their tireless efforts that we are able to deliver on the promise of expanding opportunities for Bahamians, island by island.
To every officer in the public service, from the custodian to Permanent Secretaries, I want to say from the bottom of my heart, thank you for helping turn vision into reality.
This is a team effort. And every step we’ve taken has been driven by a vision not just of growth, but of fairness. Not just of numbers, but of people.
And that’s what we came to do.
We’ve done a lot. But there’s more to do.
And let me say clearly: there’s a lot to lose.
Because what we’re building—what we’re fighting for—is a different kind of country. One where every child starts with a fair shot. One where a job leads to security. One where a school leads to opportunity. One where government lifts, not blocks.
We see that future. We believe in it. And we are building it—together.
Bahamas Goes Back to the Capital Market
Mr. Deputy Speaker:
I am pleased to report that The Bahamas has successfully returned to the international capital markets with a $1.067 billion bond issuance in USD. This transaction allowed us to repurchase $767 million in older debt, extend our repayment timeline by over two years, and reduce near-term obligations by $451 million. This aligns with our debt management strategy we have put forth to extend average maturity, enforce prudent liability management and lower the cost of debt over the medium-term.
This transaction had a final yield of 8.25 percent, which further consolidates the favourable repricing of The Bahamas’ international yield curve. If we look at what our bonds were trading at before going to market this year, it was 8.79 percent, but once we went to the market our final rate was 54 basis points lower at 8.25 percent.
If we look at the effective interest rate charged on the last note offering, it was 13.5 percent. The repricing to 8.25 percent was 525 basis points lower, showing the consolidation of our international yield curve, which shows that we are on the right track.
Mr. Deputy Speaker,
With this new issuance, investor confidence was strong, with the bond nearly four times oversubscribed. This reflects the international market’s growing trust in our economic reforms and fiscal discipline. This is why everything we are doing in our debt strategy is important and these are the tangible outcomes of the work we are putting in.
Proceeds from this issuance will support both debt management and national development, including infrastructural projects. This transaction followed the recent credit rating and outlook upgrades by Fitch Ratings and Moody’s, respectively, earlier this year, in April. This also builds on our broader strategy to secure sustainable and prudent financing in accordance with our debt strategy.This transaction has been lauded by independent financial commentators, including Bloomberg, as a breakthrough transaction for small island development states.
Mr. Deputy Speaker,
Let me explain what this means for the average Bahamian.
Imagine you’re juggling multiple loans – a mortgage, a car loan, a vacation loan – each with different interest rates, different due dates, and different stress levels.
That’s what the country was dealing with: several old debts, high interest rates, and short repayment deadlines.
What we’ve done by going back to the international capital markets is similar to what many Bahamians try to do when managing their own debt.
We took all those separate, expensive payments, and rolled them into one new loan with a better interest rate and more time to pay it back. That means less pressure today and more room to manage the future.
We replaced older, more expensive debt – some of which was costing us as much as 13.5% interest – with a new bond at just 8.25%.
That’s like refinancing a high-interest credit card down to something much more manageable.
And just like a bank won’t give you a better rate unless they trust your ability to pay it back, international investors won’t either.
But they saw what we’re doing our fiscal discipline, our reforms, our plan — and they responded with confidence.
In fact, demand for our bond was nearly four times higher than what we were offering.
That’s trust in the Bahamian economy. That’s trust in this government’s stewardship.
And most importantly, the savings from this transaction millions of dollars can now be used to build clinics, fix roads, invest in our Family Islands, and deliver real results for Bahamian families.
This is a sign that we’re getting things right.
And that better days are not just promised — they’re being built.
Airport Infrastructure & Development
Mr. Deputy Speaker,
Yesterday, we signed a $20 million contract for a new runway in Long Island. This is the first step in a major $150 million airport redevelopment programme that we will roll out over the next 12 to 18 months. This programme is in addition to the separate, independently financed redevelopments already underway in Exuma, North Eleuthera, and Bimini.
In the coming months, we will execute contracts for new runways and airside works in Black Point, Rock Sound, and Crooked Island—and terminal buildings in Grand Bahama, Black Point Exuma, Rock Sound, Mangrove Cay, and Rum Cay. Cat Island’s terminal and runway are already underway. Many other islands will receive upgrades to their terminals and runway inclusive of Acklins, Farmers Cay, San Salvador, Fresh Creek San Sandros, and Abaco.
This will be the single largest investment in Family Island airport infrastructure ever made by any government in Bahamian history. When you add the separate investments in Exuma, North Eleuthera, and Bimini, we are looking at more than $300 million in total.
These investments will unlock new opportunities. With these contract signed, we also will unlock capital and confidence. These are not vanity projects. These are foundational investments that will make our islands more accessible for domestic and international flights, safer for travellers, and more attractive to investors, tourists, and Bahamians looking to return home and build a future.
Better infrastructure brings more than convenience it brings belief. Belief that you can open a business in Mangrove Cay. Belief that you can raise a family in Rum Cay. Belief that your community matters.
We are doing the heavy lifting, Mr. Deputy Speaker, so that Bahamians can stand tall on every island of this nation, knowing that their government is investing not just in roads and runways, but in their right to opportunity, wherever they call home.
Mr. Deputy Speaker,
This is what we mean when we say – expanding opportunity Island by Island.
Budget Debate Commentary
Mr. Deputy Speaker:
As we bring this Budget Debate to a close, it is important to speak clearly, and factually, confidently in the defense of the choices this administration has made, and to set the record straight on several misguided assertions made by the Opposition.
Last week, there were claims that this administration was “making a mockery of fiscal guards” under the Public Financial Management Act.
The Public Financial Management Act has been a strong step forward for public finance management, but it is not perfect. The Government has identified several areas where enhancements to the Act can be made to better reflect the practical realities of public administration. Given this, in the future, the government intends to put forward further amendments to ensure that the Act remains responsive, effective, and aligned with the evolving needs of our national operations.
On May 9th, 2025, the Bahamas National Statistical Institute published its updated national accounts estimates, which confirmed a higher GDP number than previously estimated.
This is good news. It reflects stronger economic performance and greater national output.
However, this higher GDP created a technical challenge for meeting the previously fixed revenue-to-GDP and expenditure-to-GDP ratios that were originally set using older projections.
Rather than forced artificial increases in revenue or ill-conceived spending cuts just to meet outdated ratios, we made the responsible choice to adjust the targets. This ensures that the fiscal anchors remain realistic, credible, and aligned with the actual size of the economy, instead of distorting fiscal policy in a way that could undermine government services or choke off economic momentum.
That is responsible governance, not a mockery of fiscal discipline.
Mr. Deputy Speaker:
Another claim made is that the change in timing of the 2025 Fiscal Strategy Report proves why it should not be released alongside the Budget, that somehow this government is abandoning the principles of sound fiscal planning by altering the timeline.
Let me set the record straight.
The decision to change the publication schedule for the FSR was not political, not arbitrary, and certainly not a sign of irresponsibility.
It was a technical and necessary adjustment. The reason is simple.
The National Accounts, published by the Bahamas National Statistical Institute, are a critical input for preparing the Fiscal Strategy Report. For the past 15 years, April’s National Accounts have been consistently released in accordance with the established publication schedule.
The GDP published by BNSI at the end of the first quarter in the fiscal year provides the most up-to-date and accurate measure of the country’s GDP and economic performance. Without this data, the FSR would be based on outdated assumptions, and any targets or projections would risk being unreliable.
That is why this administration decided that the FSR should be published after the release of the BNSI National Accounts and tabled at the same time as the Budget, so the public can view both documents together, in context, with a full picture of the nation’s fiscal outlook.
Let me be clear.
The Fiscal Strategy Report remains a serious, data-driven document, and it continues to guide the Government’s medium-term fiscal policy. What has changed is not the content, but the timing, to ensure it is built on real, current economic data.
Mr. Deputy Speaker:
If the Opposition is suggesting that we should prepare fiscal strategy using outdated numbers just to stick to an old timeline, that would be truly irresponsible.
This administration will always prioritize accuracy over optics and facts over political theatre.
That is what responsible fiscal management looks like in a dynamic, modern economy.
Mr. Deputy Speaker:
There have also been concerns raised that the Government has “not explained how it will hit its revenue targets”, implying that our projections are somehow baseless or speculative.
Let me respond plainly: that statement is false.
This Government has projected steady, responsible increases in revenue, from $3.9 billion in FY2025/2026 to $4.6 billion in FY2028/2029, and these projections are not pulled from thin air.
They are backed by concrete policy actions, outlined clearly in both the Budget Communication and the 2025 Fiscal Strategy Report.
Mr. Deputy Speaker:
The revenue growth is rooted in a wide-ranging reform agenda focused on enhancing tax administration and improving compliance across key revenue streams. Our Revenue Enhancement Unit has identified significant revenue leakages, and we are closing those loopholes.
These include:
- Full implementation of the new Online Tax Administration System to improve registration, filing, and enforcement for VAT, Business Licence, and other domestic taxes;
- Increased audit coverage and targeted VAT enforcement, especially in high end real estate and high-risk sectors;
- The establishment of the Large Tax Unit has enhanced relationship management and tax payments from large taxpayers
- Establishment of a Domestic Minimum Top-Up Tax under Pillar Two of the OECD/G20 framework, to ensure large multinational entities contribute a minimum level of tax; and
- Specific revenue initiatives tied to Private Cruise Destination Agreements, where operators are required to contribute directly to local infrastructure and conservation efforts.
These are not promises for the future, they are already being implemented, and we are already seeing measurable improvements in collections.
So, when the Opposition says we have not said how we will meet our targets, either they are not reading the documents, or they are choosing to misconstrue them.
This Government has been transparent. The Fiscal Strategy Report outlines the path. The Budget details the execution, and our institutions are delivering the results. This is not guesswork. This is solid and effective governance.
Mr. Deputy Speaker:
The Member of East Grand Bahama described the Government’s reporting of arrears as “glaring and deeply troubling”.
Let me clarify what is being reported.
The unpaid invoices refer only to outstanding payments at the end of December 2024. Conversely, arrears refer to obligations carried from the last fiscal year, FY2023/2024, and earlier. The 1.7 percent of GDP figure, equivalent to approximately $269 million, includes both unpaid invoices and arrears combined.
Now, based on the Government’s cash budgeting practices, the vast majority of unpaid invoices are less than three weeks old. Typically, the Government settles invoices within two to three weeks after the commitment has been finalized. In fact, unpaid invoices range between 1 day to 90 days old.
Therefore, the $269 million, while it may seem large in total, represents, on average, less than three weeks’ worth of payments across the entire Government.
Far from hiding these obligations, this administration has taken a responsible and transparent approach: we report them in the national accounts, we publish the data publicly, and we incorporate their gradual settlement into our medium-term fiscal framework. Unlike past administrations, we are not sweeping them under the rug, we are confronting them head-on.
Mr. Deputy Speaker:
This administration has taken a deliberate and responsible approach, to fully report, transparently account for, and strategically settle arrears. Unlike previous governments, we are not sweeping these liabilities under the rug or hiding them in footnotes.
We are including them in the national accounts, publishing them openly, and incorporating their gradual settlement within our medium-term fiscal framework.
Mr. Deputy Speaker:
The presence of payables and arrears do not negate the fiscal surplus projections in this Budget. For the sake of clarity let me repeat what a surplus budget means – A budget surplus is simply having more income than expenses during a specific period, such as a fiscal year.. Because it is through generating surpluses that we create the fiscal space needed to sustainably and strategically reduce these outstanding obligations.
Moreover, we are addressing the root causes of arrears through enhanced commitment control, public procurement reform, digitized expenditure tracking, and a strict policy against carrying forward unpaid obligations without proper accounting.
So, to those who claim we are hiding something, I say this:
Transparency is not a weakness; it is a sign of leadership.
This Government is confronting its obligations with clarity, courage, and commitment, and the people of The Bahamas deserve no less.
Mr. Deputy Speaker:
There are no increases in taxes or fees in this Budget. We have held the line because we know that families are still recovering and businesses are still finding their footing. in this budget, there are no new taxes or fee increases imposed on Bahamians. Instead, we’re cutting taxes to bring relief where it’s most needed. We’re reducing VAT from 10% down to 5% on essential everyday items, including baby diapers, adult diapers, feminine hygiene products, prescription and non-prescription medicines, and medical and dental supplies. These are real savings for working people.
It is also vital that I offer clarity and context on two important aspects of our fiscal reforms in the 2025/2026 Budget: the adjustments to VAT and the reforms to the conveyance.
There were remarks made regarding VAT, particularly the concern that the Government is “letting tax authorities run amok.”
That could not be further from the truth. Our reforms are designed not to punish honest businesses, but to strengthen the integrity of the VAT system and protect public finances from abuse, fraud, and revenue leakage.
The rule that requires VAT amounts under formal dispute to be paid before an appeal is heard helps prevent the Tax Appeals Commission from being overwhelmed by appeals made in bad faith. At the same time, it fully protects every taxpayer’s right to appeal. This kind of requirement is common in well-run tax systems and has been in place since VAT was first introduced.
Mr. Deputy Speaker:
Another new rule clarifies that unused VAT credits may only be claimed as a refund after a business formally deregisters from the VAT system. This only applies to a very small number of businesses.
Concerns have been raised regarding the timeliness of VAT refunds to businesses. It is important to note, however, that under the current system, VAT refunds are issued to a relatively small number of businesses, primarily those that are consistently in a refund position due to the nature of their operations, such as exporters. As such, while the concern is noted, it does not reflect a widespread issue within the VAT framework.
Mr. Deputy Speaker:
Another comment which was made, was that changes to VAT and other tax related legislation accompanying the 2025-2026 Budget are reinforcing the belief that the Government is focused on “designing systems that make it more difficult” for tax compliant businesses to invest and grow.
This is patently false.
The Government’s tax reforms are not designed to hinder growth, but to ensure fairness, transparency, and compliance across the board. Far from discouraging investment, these changes are leveling the playing field so that honest, tax-compliant businesses are no longer competing against those who evade their obligations.
Mr. Deputy Speaker:
The VAT Act was amended to restrict input VAT deductions for major construction unless it is involved in taxable property supply.
There was commentary made that this would “undermine economic growth and construction jobs”.
This adjustment to VAT on construction projects exceeding $1 million is not a burden on the average Bahamian. This does not impact the ‘common man’ who is simply trying to make ends meet, build a modest home, or support their family.
This measure is targeted at individuals and entities undertaking large-scale developments or those with the financial capacity to invest in projects valued at over $1 million. These are not everyday transactions. These are high-value investments, often by those in a significantly stronger financial position.
By making this adjustment, we are ensuring that our tax system is more equitable, where those who can afford to contribute more do so, because everyone is contributing in one form or another.
Mr. Deputy Speaker:
One of the significant challenges the Government continues to address is the proper administration of VAT in property transfers. To strengthen compliance and ensure fairness in this area, we have implemented several key measures:
- Realtors are now jointly liable for the payment of VAT on property transactions;
- Mandatory reporting by realtors on all property transfers has been introduced;
- Expanded investigations into declared property values are underway to ensure the Government receives its fair share of revenue; and
- Stricter oversight will be applied by amendment to the VAT Act on property transfers conducted by way of sale of shares of foreign companies.
These steps are part of our broader commitment to improving transparency, closing loopholes, and ensuring that all parties meet their tax obligations.
Mr. Deputy Speaker:
The Deputy Leader of the Opposition made remarks against our administration, stating that we wish to confuse the people or in their word’s “swing” them.
There is no need to swing public opinion to believe that the Bahamian economy is on the rise; the facts speak for themselves.
We are witnessing historically low rates of inflation and unemployment. This means that the cost of living is beginning to stabilize, and more Bahamians are securing meaningful employment. Our revenue performance remains strong, a clear reflection of robust economic activity and sound fiscal stewardship.
Tourism, the very lifeblood of our economy is thriving. Visitor arrivals have reached record levels, underscoring the continued global confidence in The Bahamas as a premier destination. While we are seeing a shift from stopover visitors to cruise visitors, this evolution in our tourism product does not signal a decline in economic impact. On the contrary, the growth and scale of the cruise industry positions us to sustain, and even grow, overall visitor expenditure, ensuring continued benefits for our economy.
At the same time, we are making commendable strides in reducing our national debt and fiscal deficit. These are not just abstract numbers. They are the real, measurable outcomes of a government committed to responsible financial management and long-term sustainability.
So, Mr. Deputy Speaker, when we say that the economy is improving, it is not a matter of opinion, it is a matter of fact. The surplus budget now before us is not just a projection, but a direct reflection of the strength and growth of the Bahamian economy.
Mr. Deputy Speaker:
Another commentary that is blatantly inaccurate is that “the Bahamian government has allocated no funding for cannabis regulation in its 2025/2026 budget” and accusations that the Government is “stalling the rollout of reforms passed nearly a year ago”.
This statement is inaccurate. The Cannabis Authority has been allocated $400,000 under the Ministry of Health and Wellness. This is in the Budget Book.
This funding is specifically designated to support the Authority’s operational expenses as it carries out its mandate. We remain committed to the responsible and timely implementation of the cannabis reforms passed nearly a year ago, and this allocation reflects that commitment.
Mr. Deputy Speaker:
In my communication and throughout this debate I have mentioned this Government’s goal to bring the Bahamas to an Investment Grade credit rating. There was some skepticism regarding the cost of debt and how the government will manage this. Further, there were questions on the government’s plans for debt reduction.
The Government has clearly outlined its debt management approach in the Medium-Term Debt Management Strategy Report, published earlier this year. This comprehensive strategy details the steps we are taking to reduce the cost of debt servicing over time, and we are already putting those steps into action.
We are leveraging more semi-concessional loans, which offer favorable terms and lower interest rates. We have also engaged in innovative transactions, such as the debt conversion for marine conservation, which aligns fiscal responsibility with environmental stewardship.
Additionally, we are utilizing financing from export-import banks to support key development projects and strategically shifting portions of our borrowing to the domestic market, where debt servicing costs are lower.
Supplementary Adjustments
Mr. Deputy Speaker:
I will be tabling the supplementary budget after this communication. The primary purpose of the supplementary budget is to account for the offsets approved during FY2024/25. The supplementary budget will facilitate the reallocation of funds in the amount of $16.1 million from capital expenditure to recurrent expenditure. Since this is a reallocation of expenditure, the total expenditure figure remains the same as estimated in the original budget. This brings the total revised recurrent expenditure to $3.28 billion and the capital expenditure to $328.4 million. The supplemental increase in revenue totaled $27 million, which brings the revised total revenue estimate to $3.57 billion. As a result, the revised deficit is $42.8 million or 0.3 percent of GDP. The 0.3 percent is the lower end of our deficit target range for this fiscal year.
Mr. Deputy Speaker,
In every corner of this country, you can feel the stirrings of progress—quiet in some places, bold in others, but always there. A new subdivision in Carmichael. A revamped clinic in Cat Island. A young entrepreneur in North Andros receiving their first grant. A student in Grand Bahama stepping into a state-of-the-art aquatic centre.
These are choices. The choices of a government that believes in its people. The choices of a team that came into office to make change.
This Budget is part of a plan. A plan rooted in reality and lifted by ambition. A plan that recognises the complexity of our challenges, but also the strength of our people.
We are building a country where opportunity is not defined by your last name or where you live. A country where a child born on Mayaguana has the same chance to succeed as one born in Nassau. A country where government is not an obstacle—but a partner.
Mr. Deputy Speaker,
In our Economic Plan and in our Blueprint for Change, we laid out a detailed vision for recovering, rebuilding, and revolutionizing our country’s economy.
We knew we had a big task ahead of us – we knew that rescuing the country from the worst fiscal and economic crises we’d ever faced was going to be a big lift. But we also knew – as bad as things were – that recovery could not be the ultimate goal; recovery had to be a stop on the way to something better.
Because even in the best of times in the past, too many Bahamians have been left out of our economy.
This work is hard. The road is long. And yes, at times, the opposition will shout and distort and try to sow doubt. But they cannot stop what is already in motion. They cannot unbuild the homes, untrain the teachers, unlight the homes, or unhope the people.
We are on the right path. And if we stay steady, stay disciplined, stay true to the people who sent us here— we will finish what we started.
So to the Bahamian people, I say this: we see you. We hear you. And we are working for you. Every school we open, every clinic we staff, every young person we invest in — it is for you.
We are not perfect. But we are trying. We are showing up. And we are delivering.
And we will not stop.
I proudly commend this Budget to the House.
May God bless the Commonwealth of The Bahamas.
