The Canadian Taxpayers Federation has given provincial finance minister Siobhan Coady an F on its latest finance minister report card.

CTF Atlantic Director Devin Drover says Coady was assigned an F for a $1.6 billion increase in the provincial debt – equating to a debt burden of just over $35,000 for every Newfoundlander and Labradorian.

Provincial debt interest payments amount to $1.1 billion a year, working out to about $2,000 per resident, according to the Taxpayers Federation.

Drover says the latest budget provides no tax relief, and the province is spending about 5.7 per cent more this year than last.