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FINANCE Minister Davendranath Tancoo estimated the deficit in the last budget as $9.67 billion, speaking in the Mid Year Review debate in the House of Representatives on June 18.

He said while the former PNM administration had predicated its budget on oil at US77.80 per barrel and gas at US$3.59 per mmbtu, the UNC government's latest estimate was respectively just US$66.00 and US$5.00. These adjustments would reduce expected revenues by $556 million, he said.

Tancoo accused the former government of reckless spending, not meeting its commitments and under-resourcing the BIR so as to be inefficient in pursuing tax-dodging big businesses.