2023/24 Budget: Prepare to Make Some Sacrifices, CS Njuguna Tells Kenyans
Treasury CS Njuguna Ndung’u has urged Kenyans to prepare themselves for temporary concessions as the 2023/24 Budget is presented to Parliament.
In a Televized interview conducted from his office on Thursday, hours prior to revealing the projected budget of Ksh. 3.6 trillion, CS Njuguna acknowledged the government’s challenging objective of funding its initiatives while simultaneously maintaining manageable levels of debt.
“We have to have some short-term sacrifices for us to achieve the long-term. We have to sacrifice for the future,” CS Njuguna said. “This administration started with two extreme problems: financing constraints for projects and we did not have headroom for debt.”
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Currently, Kenya’s debt stands at Ksh. 1.6 trillion, and with the government’s intention to borrow an additional Ksh. 720.1 billion in the upcoming fiscal year, CS Njuguna assured that the measures outlined in the FInance Bill 2023 have been carefully considered and will not impose excessive burdens on Kenyan citizens.
“All the measures that are going to be proposed will be justified and balanced. They have come from consultations,” said the Treasury CS.
CS Njuguna emphasized that the government will prioritize food securitiy and climate action as significant areas of focus to enhance self-suffiency in food production and mitigate the impact of climate change, ultimately leading to improved sustenance for the population and reduced living costs.
“Food security and climate change will become a focal point of our planning and investment,” he said.
“The bottom line is how to turn around Kenya’s economy, make it inclusive in terms of growth prospects, create jobs for the youth, lower the cost of living and create momentum for future growth.”
This is President William Ruto’s administration’s first budget.
The National Assembly Finance Committee has recommended an additional allocation of Ksh. 80.7 billion, resulting in a projected total budget of Ksh. 4.4 trillion. Under this proposal, the national government is allocated Ksh. 2.2 trillion, while the Judiciary is allocated Ksh 22 billion. The Legislature, comprising the National Assembly and Senate, is allocated Ksh. 41 billion in the budget.
The National Assembly Finance Committee has recommended an additional allocation of Ksh.80.7 billion, resulting in a projected total budget of Ksh.4.4 trillion. Under this proposal, the national government is allocated Ksh.2.2 trillion, while the Judiciary is allocated Ksh.22 billion. The Legislature, comprising the National Assembly and Senate, is allocated Ksh.41 billion in the budget.