The Minister of Labour and Immigration revealed details of the Nassau Cruise Port agreement which took place under the former Minnis administration while making his contribution to the 2023/24 budget debate in the House of Assembly on Wednesday.
The Hon. Keith Bell spoke to the projected revenue the government will receive over a five year period from the deal. He told Parliamentarians, “over the five year period the government will get $18 million, the Port will get $575,800,000. Let’s consider how much they will make from the cruise port that the FNM handed over to them over the 27 year period assuming that the five year projections will hold. That’s on average $115 million per year multiply that by 27, that is $3,109,320,000 that is more than the entire national budget we’re debating today.”
Former Prime Minister, the Most Hon. Dr. Hubert Minnis responded saying, “the government get 10% VAT on the revenue which is added. In addition to that the Port is owned 51% by the Bahamian people and 49% by Global Port, cause remember 2% goes to the YES establishment, which means after expenses the bulk of the money goes to the Bahamian people. So the member is misinforming the public here today.”
Bell says the deals of the Minnis administration have bound and tied the hands of future governments.