Amidst reports that the government will collect about $600 million extra from higher-than-expected oil production this fiscal year, NDP leader Lorraine Michael says “This money, I think, needs to be seen as revenue that has come early, and we [should] keep it until we look at how we need to spend our money in 2012/2013”. Newfoundland and Labrador debt currently sits at $8.2 billion, and Finance Minister Tom Marshall has already committed to applying whatever surplus the province sees towards lowering that debt.

Source: CBC