Government plans to spend 59.2 billion dollars in the next fiscal year.
It expects to earn 54 billion dollars and there will be a deficit of 5.1 billion.
This was announced by Minister of Finance, Colm Imbert, during the presentation of the national budget in the House of Representatives on Monday.
He said spending will be pegged against an oil price assumption for 2024 of US 85 dollars per barrel compared with US 92.50 per barrel in 2023.
The natural gas price assumption will be US 5 dollars per mmbtu compared with US 6 dollars per mmbtu compared in 2023.