Is The Country Really Broke? Here Is What KRA Collected

Total revenue collected at the end of August 2022 amounted to Kshs 284.0 bn, equivalent to 13.3% of the original estimates of Kshs 2,141.6 bn for FY’2022/2023 and is 79.6% of the prorated estimates of Kshs 356.9 bn.

“We note that the government has not been able to meet its prorated revenue targets two months into the FY’2022/ 2023 partly attributable to the deterioration of the business environment following the increased cost of living that has seen consumers continue to cut on spending,” said analysts from Cytonn.

Cumulatively, tax revenues amounted to Kshs 280.2 bn, equivalent to 13.5% of the original estimates of Kshs 2,071.9 bn and 81.1% of the prorated estimates of Kshs 345.3 bn,

Total financing amounted to Kshs 100.0 bn, equivalent to 7.1% of the original estimates of Kshs 1,403.0 bn and is equivalent to 42.8% of the prorated estimates of Kshs 233.8 bn.

Additionally, domestic borrowing amounted to Kshs 54.8 bn, equivalent to 5.3% of the original estimates of Kshs 1,040.5 bn and 31.6% of the prorated estimates of Kshs 173.4 bn,

The total expenditure amounted to Kshs 383.9 bn, equivalent to 10.8% of the original estimates of Kshs 3,544.6 bn, and is 65.0% of the prorated target expenditure estimates of Kshs 590.8 bn.

Additionally, the net disbursements to recurrent expenditures came in at Kshs 149.4 bn, equivalent to 12.7% of the original estimates and 76.1% of the prorated estimates of Kshs 196.4 bn,

Consolidated Fund Services (CFS) Exchequer issues came in at Kshs 183.5 bn, equivalent to 11.7% of the original estimates of Kshs 1,571.8 bn, and are 70.1% of the prorated amount of Kshs 262.0 bn.

The cumulative public debt servicing cost amounted to Kshs 177.9 bn which is 12.8% of the original estimates of Kshs 1,393.1 bn and 76.6% of the prorated estimates of Kshs 232.2 bn.

Additionally, the Kshs 177.9 bn debt servicing cost is equivalent to 59.6% of the actual revenues collected as of the end of August 2022, further emphasizing how much public debt weighs on the country’s expenditure.

Total Borrowings as of the end of August 2022 amounted to Kshs 86.6 bn, equivalent to 6.2% of the original estimates of Kshs 1,389.8 bn for FY’2022/2023 and are 37.4% of the prorated estimates of Kshs 231.6 bn.

The cumulative domestic borrowing target of Kshs 1,040.5 bn comprises of adjusted Net domestic borrowings of Kshs 579.1 bn and Internal Debt Redemptions (rollovers) of Kshs 461.4 bn.

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