After 2-3 days of debates, the Nevis Appropriation (2024) Bill 2023, was passed in the Nevis island Assembly on Thursday night (December 7th). The Bill is to provide certain sums of money for the use of the public service for the island of Nevis for the financial year commencing January 1st, 2024 and ending on December 31st, 2024.

Premier of Nevis and Minister of Finance, Hon. Mark Brantley, introduced the Bill on December 5th and then presented the Budget Address. The Bill is to the tune of $282.7 million, an increase of about EC $21 million, when compared to the 2023 Budget, which was $261.5 million dollars.

$208.5 million has been allocated for re-current spending, representing 74 percent of the total budgeted expenditure, and Nevis is projecting to collect the amount of $154.8 million in Re-current Revenue. In addition, the Re-current revenue will be augmented by at least $66 million from the Federal Government, representing Nevis’ share of revenue from the Citizenship by Investment (CBI) Program. When combined, the total overall Recurrent Revenue will be $220.8 million for the upcoming 2024 fiscal period.

Meanwhile, for the Federal Government, Wednesday December 13th is National Budget Day. Prime Minister and Minister of Finance, Dr. Terrance Drew, will present the 2024 Federal Budget Address (which features the 1st reading of The Appropriation (2024) Bill, 2023), at a Sitting of the National Assembly.