Businesses Urge Economic Action as Government Reviews Mid-Year Budget

Trinidad and Tobago's business community is calling for decisive economic action as Finance Minister Davendranath Tancoo prepares his mid-year budget review. Business groups want the government to tackle economic vulnerabilities and capitalize on available opportunities.

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The review is detailed in the Standing Finance Committee report that was discussed on Friday.

Meanwhile, Opposition MP Stuart Young voiced strong skepticism about the current administration's capacity to revitalize the nation's energy sector. He cited the shutdowns of Nutrien and other plants as evidence of mismanagement over the past year. Young criticized the government for a lack of new projects or gas initiatives, accusing them of taking credit for multinational companies' efforts.

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The empirical evidence is clear that the Government has mismanaged the energy sector over the past year with Nutrien’s shutdown and other plants shutting down at various times as well.

"There have not been any new projects or gas initiatives from the UNC Government, not a single one," Young stated, adding that the government's absence from key negotiation tables, such as those in Caracas, disadvantages the country. He attributed significant energy sector losses, which he believes will impact Trinidad and Tobago for decades, to the "incompetence" of Prime Minister Kamla Persad-Bissessar and other ministers.

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There have not been any new projects or gas initiatives from the UNC Government, not a single one.

In response, the Finance Bill 2026, presented by Minister Tancoo, outlines measures designed to stimulate the energy sector. These include new incentives for developing smaller, potentially less profitable offshore gas fields. The bill also introduces pension reforms, such as enhanced retirement benefits for protective services members, and other tax measures aimed at boosting economic activity. Major energy firms like ExxonMobil, bp, and Shell are reportedly investing billions in the sector.

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The incompetence of (Prime Minister) Kamla Persad-Bissessar, (Energy Minister Dr Roodal) Moonilal, (Gerald) Ramdeen and Rampersad Mootilal has led to losses for Trinidad and Tobago in the energy sector that will haunt us for decades to come.