Attorney General Faris Al-Rawi is confident Government can close the $21 billion deficit gap between revenue and expenditure using subsidy reduction, revenue generation and asset sales.
He was speaking to reporters after attending a career guidance seminar at his alma mater Presentation College, San Fernando, yesterday.
Defending his Government's $63 billion budget, Al-Rawi said a similar deficit was recorded when the People's Partnership presented its last budget.
"This is the first time a Minister of Finance has laid open the cards on the table. Last year we in fact had that kind of deficit to the extent of $18-odd billion," Al-Rawi said.
He said the projections would be realistic as "Government had not hinged everything upon oil and gas revenues."
He added: "You would have seen we dealt with some of the subsidies in gas in particular. It's been a careful balance.
"The Minister of Finance has spoken to the manner in which we intend to close the gap to leave the Budget at a closer figure of less than the 4.5 per cent of GDP. We are confident that the measures to flesh out that $21 billion gap between estimated revenue and expected revenue will be there."
Al-Rawi said Government also was careful to peg the Budget using a conservative oil and gas price.
During his speech to the students, Al-Rawi encouraged them to think of happiness as a quality of life.
"Marry someone whom you can love for the rest of your life and ask yourself what kind of legacy you are going to leave in this life," Al-Rawi said. Urging the students to embrace their failures, Al-Rawi said that was what shaped success.
"Learn to love your failures. Accept that you will make mistakes and own your mistakes. Stand up and say I will succeed. Always strive to have balance in your life," Al-Rawi added.
He also said it was important to have a firm belief in God and family. Al-Rawi urged the young men to respect the concept of privacy and to engage in volunteerism.
"You do not need to post all your feelings online and always show compassion for people because you do not know what they are going through," Al-Rawi said.
Also attending the seminar yesterday were commander of the T&T Coast Guard Wayne Armour and president of the Past Students' Association President Steven Samlalsingh. RS