2023/24 Budget Debate: NIB


The Leader of the Opposition and Member of Parliament for Marco City spoke on the 2023/24 budget in the House of Assembly on Thursday. In his contribution he addressed the announced increase in the contribution rate at the National Insurance Board calling it an open ended announcement.

The Hon. Michael Pintard said, “but there was no discussion, Madam Speaker, about how will we stop fraud at NIB. How will we collect the funds from those businesses persons who, Madam Speaker, have already collected money from employees and have not repatriated it the government? How will we enforce the law around NIB? When will government ministries pay back the money that they borrow? Madam Speaker, these are the kinds of these people who are being asked to dig deeper in their pocket, they want to know. I think reasonable people understand we have to save NIB, so we support saving it, but we want to save it and understand that there’s a holistic plan in order to deal with it.”

In a June 6th press statement the Prime Minister announced that the NIB rate increase would not come into effect until July 2024.