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.
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.
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.