Finance Minister Dr Peter Phillips has tabled a $612 billion budget for the 2012-2013 fiscal year.
This is $76 billion or approximately 14 per cent more than the $536 billion which was allocated for expenditure last year.
The budget includes projected spending of $375 billion on recurrent expenses which includes items such as salaries, utilities and interest payments on government loans.
On the capital side of the budget the government plans to spend $237 billion this year, a $53 billion increase or 29 per cent more than last year.
The Finance Minister will tell the country how he will finance the Budget on Thursday May 24.
