Ruto unveils KSh 3.6 trillion budget, seeks to borrow KSh 700 billion
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Ruto unveils KSh 3.6 trillion budget for the 2023/2024 financial year (FY) and seeks to borrow KSh 700 billion
Ruto unveils KSh 3.6 trillion budget for the 2023/2024 financial year (FY) and seeks to borrow KSh 700 billion.
President William Ruto’s administration has tabled its first budget in power amounting to Sh 3.6 Trillion in the financial year 2023/2024 with 700 billion of the budget financed through borrowing.
The details of the planned expenditure are contained in the budget policy statement which was tabled by the Budget and Appropriations Committee chair Ndindi Nyoro on Wednesday, March 15.
The 2023/2024 FY budget will be an increase of KSh 251 billion from retired president Uhuru Kenyatta’s last budget of KSh 3.3 trillion.
In the budget policy statement, lawmakers allocated the Executive and its departments KSh 2.1 trillion, parliament KSh 40 billion, and Judiciary KSh 22.9 billion, an increase of KSh 3 billion compared to the previous financial year.
The Auditor General has received a share of 7.6 billion, Equalization Fund Sh 7.8 billion, Conditional Grant Sh 44 billion, and Medical Equipment Scheme Sh 4.5 billion.
The government will be forced to borrow Sh 700 billion out of which Sh 198.6 billion will be raised from external sources and Sh 521.5 billion from the domestic market.
Recurrent expenditure will take KSh 2.5 trillion while development was allocated KSh 769.3 billion.
Kenya Revenue Authority (KRA) has been tasked to collect Ksh 3 trillion in the financial year 2023/24, up from Ksh 2 trillion collected in the last financial year.
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The taxman has been directed to implement various tax policy measures to boost tax collection to be in tandem with the revenue target.
The Budget and Appropriations Committee chair Ndindi Nyoro said the government will have to borrow KSh 700 billion to plug the budget deficit.
“We will be forced to borrow up to KSh 700 billion. We want to borrow 70% of that locally,” the Kiharu member of parliament said.
While tabling the report, Nyoro stated that the budget has focused on vital pillars in the Kenya Kwanza Administration’s bottom-up economic model which include Agriculture, Health Care, and Housing.
“We foresee an economy that will be growing at 6 percent at a time when the global economy will be growing at 2 percent,” he said.
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