Why Treasury reduced budget for the 2024-2025 fiscal year by Sh273 billion
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National Treasury reduces budget for the 2024-2025 fiscal year by Sh273 billion
National Treasury reduces budget for the 2024-2025 fiscal year by Sh273 billion.
The National Treasury reduced the budget for fiscal year 2024-2025 by Sh273 billion due to a drop in revenue collection.
This indicates that the Ministry’s budget will be reduced from Sh4.188 trillion to Sh3.92 million beginning July 1, 2024.
According to official KRA figures, tax collection during the last eight months totaled Sh1.37 trillion, less than half of the original revenue projection of Sh2.49 trillion.
The national treasury stated that the measure would limit indebtedness and rationalize expenditures to sustainable levels.
“Given the revision of the projected revenues, the FY 2024/2025 budget estimates have been reduced by 273.3 Billion from the approved 2024 BPS. The overall total gross expenditure estimated for FY 2024/2025 is projected at KSH 3,914.9 Billion,” The National treasury wrote to Parliament.
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The executive would receive Sh2.24 trillion as part of the projected expenditure, which includes Sh1.52 trillion in recurrent spending and Sh724.4 billion in development funding.
The Consolidated Fund Services (CFS) would receive Sh1.21 trillion, which will include allocations to cover domestic interest payments of Sh749.9 billion, international interest payments of Sh259.9 billion, and pensions, salaries, and allowances of 203.6 billion.
The county governments would receive Sh391.1 billion, excluding extra allocations of Sh54.9 billion, which include loans and grants.
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