The Kenya Kwanza administration led by President William Ruto has tabled its first budget for the financial year 2023/24. The Treasury Cabinet Secretary who is also a former Central Bank of Kenya Governor, Njuguna Ndung’u presented the Ksh 3.68 trillion budget in parliament.
The Ksh 3.68 trillion budget is an increase from last year’s Ksh 3.3 trillion. It however has a deficit of Ksh 700 billion which will be financed through borrowing.
Development projects have been allocated a sum of Ksh 718.9 billion which will be used for infrastructure and other resourceful projects.
The national government’s budget has been set at Ksh 2.5 trillion, emphasizing its role in driving the nation’s economic agenda.
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County governments on the other hand will receive Ksh 385.4 billion which will be used to boost the development of local projects. Ksh 1.6 trillion has been set aside to settle the public debt.
The Education sector will receive Ksh 628 billion which will cater for the improvement of the education system.
Teacher’s Service Commission has been allocated Ksh323.8 billion which is meant to cover teachers’ salaries and other expenses.
University Education will receive Ksh 95.83 billion with the HELB loan being set at Ksh30 billion which is double the previous amount of Ksh 15 billion.
The free day secondary education budget has been set at Ksh 65.39 billion. Junior secondary capitation stands at Ksh 15.46 billion and Ksh 12.46 billion for free primary education.
The health sector will receive Ksh 141 billion which will be used to upgrade healthcare services in the entire country.
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The Judiciary’s budget has been set at Ksh 22 billion and will be used to help in the administration of justice. The Export Processing Zones (EPZ) will receive Ksh3 billion which will support industrial growth and export-oriented industries.
