Finance Minister Colm Imbert has said that the revenue this country earned from petroleum in 2016, amounted to just $1.7 billion compared to $19.3 billion two years ago in 2014.
He said when other shortfalls are taken into account, this government had $20 billion less to run the economy, than when the previous government was in office.
He made the revelation at a public meeting in Mt Dor last evening, saying he had only just got the figures.
Finance Minister Colm Imbert says the People's Partnership Government chose not to pass the FATCA legislation when it had the majority it needed in Parliament to do so.
The Minister has issued a statement giving his position on the FATCA controversy.
"The Hon. Colm Imbert, Minister of Finance, has noted comments in the public domain which indicate a complete misunderstanding of the real issues with respect to the Foreign Account Taxpayer Compliance Act (FATCA) legislation currently before the Parliament.
The 2017 National Budget of Trinidad and Tobago, will be presented in the Parliament by the Minister of Finance, Colm Imbert on Friday 30th September, 2016 at 1:30 p.m.
The confirmation came from the Ministry of Finance this afternoon.
September 30th is the very last day of this country's financial year, which runs from October 1st to September 30th.
After the Budget is read, it will be debated in both the House of Representatives and the Senate before it can be effected,
A four-member team of the Tobago House of Assembly (THA) will meet Finance Minister Colm Imbert and other senior officers of his ministry on Wednesday to have pre-budget discussions on Tobago’s 2017 budget requests.
The meeting takes place at the Ministry of Finance starting at 1 pm, the THA said.
The Assembly’s team will be led by Chief Secretary Orville London and includes Finance Secretary Assemblyman Joel Jack, Chief Administrator Raye Sandy and Administrator in the Division of Finance Claire Davidson-Williams.
Acting Prime Minister Colm Imbert says Makandal Daaga's leadership during the 1970 Black Power Movement, brought about far-reaching changes in this country.
The acting prime minister has paid tribute to Daaga who passed away earlier today.
SEE ALSO: Makandal Daaga passes on
The following is the acting prime minister's statement.
Finance Minister Colm Imbert will leave the country on Sunday to meet with investors in the US and England, in an attempt to sell a US$1 billion bond.
The Ministry of Finance says the Minister and his team will meet with over 20 major banks.
The following is a statement by the Ministry of Finance: