Key highlights in Ruto’s first budget statement, 2023/2024
President William Ruto’s Ksh3.6 trillion budget for the financial year 2023/2024 projects increased funding in key sectors, including education and health
President William Ruto’s Ksh3.6 trillion budget for the financial year 2023/2024 projects increased funding in key sectors, including education and health.
The National Treasury and Planning Cabinet Secretary, Njuguna Ndung’u, presented the 2023/2024 budget to the National Assembly on June 15, 2023.
The budget, which is the first under President William Ruto regime, is estimated at Ksh3.6 trillion, an increase of Ksh251 billion from the 2022/2023 budget.
Key highlights of the 2023/2024 budget:
Education:
In the budget, the Education Ministry is among the largest beneficiaries expected to receive extra funding for Junior Secondary Schools (JSSs), the Higher Education Loans Board (HELB), Technical and Vocational Education and Training (TVET), and the school feeding program.
HELB, allocated Ksh11 billion in the 2022/2023 financial year, will receive over double the amount, totalling Ksh30 billion.
JSSs will receive Ksh28 billion from Ksh9 billion, while TVETs will receive Ksh28 billion, a Ksh5 billion increase from the 2022/2023 financial year.
The budget allocated over Ksh630 billion to education, including increasing the number of teachers and building new schools.
Fertiliser Subsidy Program has been allocated Sh5 billion. The program has been touted as a remedy to boost food production.
Economic recovery: The budget allocated Sh1.5 trillion to economic recovery initiatives, such as infrastructure development, manufacturing, and agriculture.
Job creation: The budget allocated over Ksh500 billion to job creation initiatives, such as the Uwezo Fund and the Kazi Kwa Vijana program.
Cost of living: The budget allocated over Ksh200 billion to reduce the cost of living by subsidising food and fuel prices.
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Some. Ksh 141 billion has been allocated to the National Government health services, with additional funds allocated to counties.
Ksh.250 billion meanwhile goes to road construction, prioritizing the completion of stalled and ongoing projects.
To boost school feeding programs in drought-hit regions, the government allocated Ksh4.9 billion from KSh3.9 billion in the last financial year.
The Hustler Fund receives an additional Ksh.10 billion to support entrepreneurial endeavours, while the budget also provided funds to double the number of interns employed by the Public Service Commission, from 4,000 to 8,000, each earning a monthly salary of Ksh.25,000.
Ruto’s first budget of Ksh3.6 trillion is Ksh1.2 trillion more than the budget presented by Uhuru’s government in June 2022.
It should be noted though that the Ksh2.4 trillion budget read on June 2022 rose significantly to Ksh3.3 trillion by the end of the 2022/2023 financial year.
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