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It also sets aside funds to pay off a $750-million line of credit amassed by the provincial health authority.

Absent is a plan to balance the budget. While other Atlantic provinces have announced cuts to offset large deficits, the Newfoundland and Labrador鈥檚 five-year forecast includes several years of escalating deficits reaching more than $1 billion.

鈥淲e鈥檝e got to plan to get (the deficit) down,鈥� Finance Minister Craig Pardy told reporters. 鈥淏ut we have to do it with the balance that we would address health care and the cost of living.鈥�

He promised to make a plan this year to chip away at the deficit.

The government will end the fiscal year with a net debt of $20.8 billion, in a province of about 530,000 people.

Interest and other debt fees will cost an estimated $1.2 billion, accounting for roughly 10 per cent of the government鈥檚 total expenses. That鈥檚 more than the province will spend on social supports and justice and public safety, combined.

The Tories鈥� outlook for the next five years includes income related to a still-developing green hydrogen sector and Equinor鈥檚 proposed Bay du Nord offshore oil development.

It does not include revenue from a draft energy deal with Hydro-Qu茅bec, which is set to expire on Thursday. The Liberals unveiled the deal in 2024, and they had factored it into their financial predictions when they were in power.

Officials said three years of deficits expected to be above $1 billion beginning in the 2027-28 fiscal year will be driven largely by discounting the energy deal and increasing health-care costs.

Health Minister Lela Evans got upset Wednesday as she blamed the health authority鈥檚 staggering line of credit on 鈥渃hronic underfunding鈥� by the previous Liberal government.

鈥淲e really have to understand what we鈥檝e been left with,鈥� she told reporters.

Her department is earmarking $6.5 million for a team of 25 Newfoundland and Labrador nurses who could replace so-called 鈥渢ravel nurses鈥� from private agencies. Evans said the health authority spent $86 million on travel nurses in the last fiscal year, though she did not have an estimate for what might be spent this year.

The province will spend $5.4 billion on health care this year, an increase of $120 million.

Pardy appeared pleased Wednesday that his budget included several of the campaign promises his party made, which totalled nearly $285 million before last year鈥檚 election. The most expensive was a pledge to hike the basic personal amount exempt from income tax to $15,000. That will cost the province $45 million in the current fiscal year and about $91 million the next year, officials said.

Soaring oil prices spurred on by conflict in the Middle East helped the Tories make good on their promises, Pardy said.

鈥淎ny time you鈥檝e got oil going up, that helps out the provincial coffers,鈥� he said.

A one-dollar change in oil prices translates to a gain or loss of about $33 million for the province, officials said. Wednesday鈥檚 budget relies on a forecasted oil price of US$79 per barrel.

Newfoundland and Labrador is home to four offshore oil installations, all operating off the coast of St. John鈥檚. Equinor鈥檚 Bay du Nord project would be the fifth and the first deepwater oil development in Canada. The company has not yet decided to proceed with the project.

Pardy鈥檚 budget provides $90 million over the next three years to encourage more oil exploration.

鈥淭he potential in our resource-based sectors is booming,鈥� Pardy said. 鈥淲e鈥檝e got a lot to look forward to.鈥�

This report by 好色tvwas first published April 29, 2026.