Government had originally set aside $43.5 million for the celebrations. The additional funds bring the total to $96.5 million.
Peters also said there would be no $2 million first prize for major Carnival competitions this year.
“There will be no $2 million payment by the Government but if the entities...if they want to find their own money by raising it, they can do that. We are not stopping them,” he said.
The minister, who made the announcement at the post cabinet media briefing, said this year is going to be better that 2011 and he expressed the hope that each year will keep getting better.
Peters also announced that tens of thousands of visitors are expected for Carnival on the national airline.
"We asked Caribbean Airlines to come and make a presentation to us...I too was surprised when Caribbean Airlines said to us that as of now, we are going to be having just with Caribbean Airlines, 220,000 persons coming to Trinidad and Tobago just for Carnival. That is a significant rise in the expectations in terms of visitorship for Carnival," Peters said.
The Minister of Tobago Development also addressed reporters, saying her ministry will provide funds for 11 qualifying Tobago steelbands to be in Trinidadto compete in this weekend's Panorama semifinals.
Vernella Alleyne-Toppin said the Ministry will use money from its budget to cover the expenses for the bands for a 4-day period.
"We are very much in support of you...We have sourced your funds, we are going to make you very comfortable," she said. "I want to say, do the best you can."
"We are very much in support of you...We have sourced your funds, we are going to make you very comfortable," she said. "I want to say, do the best you can."
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