Finance Minister, Colm Imbert, says the government will spend 53.036 billion dollars this fiscal year.

He explains that the budget is based on an oil price of US 60 per barrel and a gas price of three dollars per mmbtu.

In terms of allocation to the various ministries, Education topped the list with 7.54 million dollars.

This is followed National Security with 6.440 billion dollars, Health 6.084 billion, Public Utilities 3.047 billion, Works and Transport 2.956 billion, Rural Development and Local Government 2.469 billion and Housing 1.007 billion.

Other highpoints of the budget were the announcement of an increase in the minimum wage from 15 dollars to 17 dollars and 50 cents per hour.

The wages of CEPEP and URP workers will increase by 15 percent and will take effect from December 1st, 2019

Finance Minister, Colm Imbert, says the government collected 2.382 billion dollars from the tax amnesty which started on June 15th this year and ended on September 30th.

He made the revelation during the presentation of the 2019\2020 budget in the House of Representatives this afternoon.

The theme for the fiscal package this year is Stability, Strength and Growth.

In the energy sector Minister Imbert explains that Heritage Petroleum Company Limited reported revenue of 3.287 billion dollars.

This was done for the first nine months of its operations.

Another highpoint announced by Minister Imbert was his indication that the Trinidad and Tobago Revenue Authority will become a reality and fully operational by 2020.

He added that from next year procurement legislation will take effect.

The Finance Minister said that the National Investment Fund has generated over 220 million dollars.

He revealed that to date CLICO\CL Financial has settled 15 billion dollars of its debt to tax payers.

Minister Imbert said San Fernando to Point Fortin Highway  is scheduled to be completed in 2020 as well as the Curepe Interchange in March of next year.

Under the area of public transport Minister Imbert 18 buses were bought in 2018 and there are plans to put into the system 25 more by December this year.

He said January 2020 is the timeline being earmarked for the opening of the refurbished Red House.