Trinidad and Tobago Budget 2027: How the Previous 5 Budgets Will Compare

About This Budget Comparison

This analysis compares the original financial estimates announced in Trinidad and Tobago’s National Budget Statements for fiscal years 2022 to 2026.

The figures represent government plans at the time each budget was presented. They do not represent actual expenditure, final revenue collections or audited financial performance.

Financial figures are presented in Trinidad and Tobago dollars without adjustment for inflation. Where budget classifications differ between years, those limitations are explained in the detailed tables below.

Data clarification: The 2025 Budget Statement reports total revenue of TT$54.224 billion, while its listed oil, non-oil and capital revenue components total TT$53.224 billion. TriniMix retains the officially published figures and identifies the discrepancy.

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As Trinidad and Tobago prepares for Budget 2027, the big question is how the government plans to finance its spending while addressing the economic pressures facing the country.

The previous five national budgets offer some perspective.

Between 2022 and 2026, planned government expenditure increased by almost TT$7 billion. But the story becomes more interesting when we look at where the money was expected to come from.

More spending, but revenue has not followed a straight line

In 2022, the government planned to spend TT$52.4 billion. By 2026, that figure had reached TT$59.2 billion.

Revenue estimates also increased, but fluctuated considerably. They peaked at TT$56.2 billion in 2023 before falling and subsequently recovering to TT$55.4 billion in 2026.

Revenue vs expenditure

Original budget estimates, TT$ billions

Source: Original National Budget Statements, 2022–2026. Figures are estimates, not actual financial results.

The gap between the two lines is important. Every budget in this period projected spending above expected revenue.

For Budget 2027, the relationship between those figures will be worth watching.

The energy story is becoming more important

One of the clearest changes has been in expected oil revenue.

In 2023, the national budget projected approximately TT$25 billion in oil revenue. By 2026, that estimate had fallen to TT$11.3 billion.

Estimated oil revenue

Original budget estimates, TT$ billions

The budget statements’ oil revenue classification is used here; it should not be interpreted as total energy-sector revenue.

Recent developments make the energy question particularly relevant.

On October 5, Nutrien announced the indefinite shutdown of its Trinidad nitrogen operations at Point Lisas, citing continuing natural gas supply constraints and uncertainty.

There are also developments involving future gas supply. Trinidad and Tobago and Venezuela reaffirmed cooperation in energy and other sectors during a September meeting between their leaders in New York. Separately, an agreement involving Shell and the National Gas Company advanced the Aphrodite gas project, with initial production expected in 2027.

These developments point to both immediate challenges and potential future opportunities. They do not establish how much additional revenue, if any, will be available in fiscal 2027.

The budget deficit remains a key number

Every budget from 2022 to 2026 projected a deficit.

The largest was TT$9.1 billion in 2022, while the smallest was TT$1.5 billion in 2023. The 2026 Budget projected a deficit of approximately TT$3.9 billion.

Projected budget deficits

Original budget estimates, TT$ billions

Projected deficits announced in the original budgets, not actual year-end deficits.

The new budget will show whether the government expects that gap to widen or narrow, and how it proposes to finance its plans.

What about the services people depend on?

The previous five budgets also reveal different patterns in sector allocations.

Health and Public Utilities received increases in each successive budget. Agriculture and Housing reached their highest allocations in 2024 before declining.

Education and National Security experienced more variation.

For households and businesses, however, the Budget 2027 announcements concerning taxes, fuel, utilities, employment and the cost of living may be just as important as the sector totals.

Manufacturers have already raised concerns about foreign exchange, VAT refunds and operating costs ahead of the budget.

What should we look for in Budget 2027?

The immediate financial benchmarks are straightforward: the 2026 Budget projected TT$55.4 billion in revenue, TT$59.2 billion in expenditure and a TT$3.9 billion deficit.

The new budget will show how those expectations have changed.

The five budgets examined also span two administrations. The 2022–2025 budgets were presented by Finance Minister Colm Imbert under the PNM government, while the 2026 Budget was presented by Finance Minister Davendranath Tancoo under the UNC government.

As Budget 2027 approaches, the historical figures provide a useful reference. The new announcements will show the government’s financial plans for the coming year, while their practical implications will require closer examination.

For readers who want to compare the numbers themselves, the detailed figures from the previous five budgets are provided below.

Previous Five National Budgets: Detailed Figures

Select a category to explore the original estimates. Each financial metric has its own table. All amounts are nominal.

Government attribution: PNM, Finance Minister Colm Imbert (2022–2025); UNC, Finance Minister Davendranath Tancoo (2026).

Methodology and important qualifications

These figures are drawn from the original National Budget Statements for fiscal years 2022–2026. They represent announced estimates and allocations, not revised figures, actual expenditure or implementation outcomes.

The 2025 Budget Statement reports TT$54.224 billion in total revenue, but its stated oil, non-oil and capital revenue components sum to TT$53.224 billion. The published headline estimate is retained and the TT$1 billion discrepancy remains unresolved here.

Works and Transport was presented as a combined allocation for 2022–2024. The 2025 and 2026 figures combine separately reported Infrastructure and Transport allocations. These categories are not fully comparable across all five years.

Sources and References

The financial figures presented in this article are based on the original Trinidad and Tobago National Budget Statements for fiscal years 2022 to 2026. Additional government and industry sources provide context for recent economic developments.

1. Ministry of Finance, Trinidad and Tobago. National Budget Statements, 2022–2026. Official website
2. Government of Trinidad and Tobago. National budget announcements, government policies and economic developments. Official government website
3. Nutrien Ltd. October 2026 announcement concerning the shutdown of its Trinidad nitrogen operations. Nutrien website
4. Energy Chamber of Trinidad and Tobago. Industry commentary on natural gas supply constraints and their implications for Trinidad and Tobago’s energy sector. Energy Chamber website
5. Trinidad and Tobago Manufacturers’ Association (TTMA). Industry concerns regarding operating costs, taxation, foreign exchange and VAT refunds. TTMA website
6. Ministry of Foreign Affairs, Venezuela. September 2026 joint declaration concerning cooperation between Venezuela and Trinidad and Tobago. Read the official announcement
7. National Gas Company of Trinidad and Tobago (NGC). Natural gas supply initiatives and energy-sector developments. NGC website

Methodology

All financial figures represent original budget estimates announced for fiscal years 2022–2026. They do not represent actual expenditure, revised estimates or final financial results. Figures are presented in nominal Trinidad and Tobago dollars unless otherwise indicated.

Sector allocations are based on the classifications used in the respective budget statements. Changes in ministry names or reporting structures may affect direct comparisons between years.