Kiharu Member of Parliament and Budget Appropriations Committee Chairman Ndindi Nyoro has given a budget outline for the Financial Year 2023/24. The budget will be submitted to parliament once the committee confirms it on Tuesday next week.
According to Ndindi Nyoro, the Ksh 3.6 trillion budget has multiple sources of revenue. Ordinary revenue which entails all different taxes will contribute approximately Ksh 2.57 trillion. Appropriations in aid which is a term used for money collected by government agencies will contribute Ksh 322 billion and Ksh 42 billion is expected from grants. The budget deficit will stand at Ksh 663.5 billion.
On the expenditure of Ksh 3.6 trillion, Ksh 1.5 trillion will go to the recurrent of the national government which includes domestic and foreign interest payments, pensions and fuel costs for the government’s fleet of vehicles and civil servants’ salaries. Approximately Ksh 728 billion will be allocated to development projects.
The Consolidated Funds Services (CFS) has been allocated Ksh 986 billion which pays the country’s interest rates debt, and pensions and permits the country’s commissions to operate. Counties have been allocated Ksh 385 billion which is a 4.41 percent increase from Ksh 370 billion.
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The education sector will receive approximately Ksh 604 billion which is 27 percent of the total budget. With the larger share, the money is expected to cater for Junior Secondary Schools, hiring of teachers and restructuring of tertiary education.
Infrastructure will receive about Ksh 400 billion with the committee stating that the money is set to only cater for projects that are underway and that no new projects will be taken.
“We have put in money for fertilizer subsidy as I said before, we have put in Ksh 4.5 billion because the money we appropriated in the supplementary budget is still being absorbed. We have also exempted tax on the inputs, on the production of agricultural inputs,” Ndindi said.
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In order to address the issue of misappropriation of funds, the committee says that it has appropriated money that can be traced across the entire value instead of allocating money into programs. The final budget for the Fiscal Year 2023/24 will be read on June 15, by Treasury Cabinet Secretary Njuguna Ndung’u after being presented to parliament.
