NAIROBI, Kenya, May 19 — The National Treasury will deliver the Budget Statement for the 2023/2024 Financial Year on June 15.
Treasury Cabinet Secretary Njuguna Ndung’u announced Friday that the budget statement will be read at 3pm.
“This is to notify the general public that the Budget Statement for the FY 2023/24 will be delivered by the Cabinet Secretary for the National Treasury and Economic Planning on Thursday, 15th June 2023 from 3:00 p.m. in Parliament,” CS Ndung’u said in a notice dated May 16.
President William Ruto’s administration has proposed a Sh3.6 trillion for the Financial Year 2023/2024 with a Sh700 billion deficit to be financed through borrowing.
The budget will mark an increase of Sh251 billion from the 2022/23 budget which stood at Sh3.39 trillion.
The government plans to spend Sh2.5 trillion on recurrent expenses and Sh769.3 billion on development.
According to the Budget Policy Statement tabled by House Budget and Appropriation Committee Chairperson Ndindi Nyoro, the national government will receive Sh2.25 trillion with devolved units apportioned Sh385 billion.
Resource allocation
In the Sh2.25 trillion, Sh2.1 trillion will be allocated to the Executive with Parliament receiving Sh40 billion and Judiciary getting an allocation of Sh22.9 billion.
The Auditor General is set to receive a share of Sh7.6 billion, the Equalization Fund Sh7.8 billion, Conditional Grants Sh44 billion, and the Medical Equipment Scheme an allocation of Sh4.5 billion.
Out of Sh700 billion the government is expected to borrow, Sh198.6 billion will be raised from external sources and Sh521.5 billion from the domestic market.
The Kenya Revenue Authority (KRA) has been tasked to collect Sh3 trillion in the Financial Year 2023/24, up from Sh2 trillion collected in 2022/23, to assist the government to cut on borrowing.
The taxman has been directed to implement various tax policy measures to boost tax collection in tandem with the revenue target.
