GNWT releases Budget 2024-25

News Releases

Yellowknife — May 24, 2024

Today, Finance Minister Caroline Wawzonek released the first budget of the 20th Legislative Assembly.

Budget 2024-25 aligns with Restoring Balance: A Fiscal Sustainability Strategy for the 20th Legislative Assembly to improve fiscal capacity so that the GNWT can respond to emergencies and reduce short-term debt.

In keeping with fiscal sustainability targets, total revenues are expected to reach $2.6 billion and will cover the $2.2 billion departmental operating budget and the entire $347 million capital budget for the 2024-2025 fiscal year. This was accomplished by finding $100 million in reduced expenditures and new revenues from fiscal sustainability measures as well regular program savings.

Budget 2024-25 does not contain any new taxes; however, starting in July 2024, the NWT will receive vaping products excise tax revenues under an agreement with Canada and some fees and taxes will be indexed to inflation where practicable. The carbon tax increased to $80 a tonne on April 1, 2024, and corresponding adjustments to the Cost of Living Offset were made to mitigate the effect of the carbon tax on residents.

Over the next several weeks, Ministers and senior officials will appear before the Legislative Assembly’s Committee of the Whole to review individual department budgets.


“This budget is the start of our path to restore fiscal sustainability in a practical and realistic way. We are making changes to the way we operate so that we continue to deliver quality programs for residents and achieve the Assembly’s priorities. We want to ensure the best value for public dollars and a fiscal house that is in order so that we remain a supportive economic partner delivering quality programs and capable of offering support in times of emergency all while making strategic investments in infrastructure.”

-Caroline Wawzonek, Minister of Finance

Quick facts

  • Budget 2024-25 projects an operating surplus of $294 million in 2024-25, after adjustments, from revenues of $2.6 billion and departmental expenditures of $2.2 billion.
  • Total 2024-25 spending is projected to be $2.62 billion, including $2.2 billion in departmental spending and $347 million in infrastructure spending.
  • Total debt is forecast to decline by $49 million by March 31, 2024-25 as short-term borrowing is forecast to decline by $34 million and long-term debt to decline by $15 million. Total borrowing, including agencies, is forecast at $1.62 billion, $184 million below the federally imposed borrowing limit.
  • An interim budget was approved in February 2024 to fund government operations from April to June 2024. Following a territorial election, the option of using an interim budget allows the government to operate for a set period without committing to a full year of spending before priorities are set.

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For media requests, please contact:

Toyeke Adedipe
Senior Communications Officer
Department of Finance
Government of the Northwest Territories