The Canadian Taxpayers Federation is calling on Premier Susan Holt to lift New Brunswick’s ban on natural gas development as the government keeps increasing the debt in its recent fiscal update.

“New Brunswick is sitting on a fortune in natural gas while the government drowns taxpayers in debt,” said Devin Drover, CTF Atlantic Director. “Holt doesn’t need five months of study to see the obvious: lifting the ban means jobs, growth and hundreds of millions of dollars to help pay down the province’s massive debt.”

The Holt government recently announced a review of the province’s moratorium on natural gas development. The review is set to be complete by January. The ban has been in place for more than a decade.

It’s estimated that 150 to 200 natural gas wells would boost New Brunswick’s economic output by up to $1.8 billion and generate up to $354 million in tax revenue, according to an economic impact study from 2014. This would be worth $478 million in today’s dollars when adjusted for inflation and doesn’t include royalties the province would collect on the gas.

The New Brunswick government is projecting to borrow  $1.7 billion this year, according to the government’s recent fiscal update. This is up nearly 20 per cent from budget estimates.

The province’s debt is now on track to hit $16.2 billion by the end of March. That’s almost $19,000 for every New Brunswicker.

“The Holt government can’t keep borrowing billions of dollars and hoping the bill disappears,” Drover said. “Holt shouldn’t be leaving billions of dollars buried in the ground while taxpayers pay interest on the government’s credit card.”