The Treasury Cabinet Secretary, Professor Njuguna Ndung’u, is today expected to table the 2023/24 budget at 3 pm. This will be the first budget presented under President William Ruto’s administration.
A budget of KSh 3.67 trillion, funded by taxes and grants, has been proposed by the Kenya Kwanza administration. The government is expected to cover a Ksh 700 billion deficit through borrowing.
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The budget, which will define Kenya’s expenses beginning on July 1 this year, is the highest in Kenyan history.
The budget statement for 2023/24 states that the allocation criteria are based on how much the program aims to address viable blocked projects and verified pending bills.
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The budget comes amid controversy surrounding the Finance Bill which proposes more taxes and more levies on to Kenyans.
The imposition of a 1.5% housing fund, which would be taken from Kenyans’ paychecks, is the most contentious issue in the finance bill. A new housing initiative will be funded with the Ksh100 billion that the tax is expected to bring in each year.
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The bill passed the second reading stage in parliament yesterday with 81 out of the 257 MPs in the House voting against the bill, which was supported by 176 members.
