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Government and Policy

Executive Takes Off With Ksh 2.16 Trillion Of Ruto’s Ksh 3.6 Trillion Budget

BY Juma · June 16, 2023 07:06 am

KEY POINTS

The Executive which includes ministries, departments, and agencies (MDAs), walked away with 2.16 trillion shillings, which is 60 percent of the whole budget.

KEY TAKEAWAYS

Consolidated Fund Services (CFS) will receive a total of 1.836 trillion shillings, with the total spending this financial year standing at 4.45 trillion shillings.

The first financial budget under the administration of President William Ruto was presented in the National Assembly and to Kenyans. Compared to other budgets read before, there was not much excitement around it both online and offline.

The reading of the budget came a day after the National Assembly gave a clean bill to the controversial Finance Bill 2023 that has left the majority of hustlers screaming with no one to listen to them. In Professor Njuguna Ndung’us own words, “Kenyans should prepare for tough times ahead.”

Related Content: This Government Will Punish You More Than It Will Punish Me

During the reading, Members of Parliament affiliated with Azimio One Kenya Alliance staged a walkout, protesting what they termed as an expensive budget and the high cost of living. But that did not stop the good professor from his monologue.

The Executive which includes ministries, departments, and agencies (MDAs), walked away with 2.16 trillion shillings, which is 60 percent of the whole budget. 47 counties in Kenya will receive 385.4 billion shillings as part of the normal shareable revenue.

The National Assembly and the Senate have been allocated 40.4 billion shillings while the Judiciary receive 22.99 billion shillings. Consolidated Fund Services (CFS) will receive a total of 1.836 trillion shillings, with the total spending this financial year standing at 4.45 trillion shillings.

Related Content: We Thank The Government For Taxes, We The Hustlers Are Happy

Although the country is still receiving loans from the likes of the International Monetary Fund (IMF) and the World Bank, President William Ruto is determined to unlock new revenue channels through the Finance Bill 2023 which just sailed through the National Assembly.

The President is targeting to get cash from the Housing Levy, that is 1.5 percent that will be deducted from each employee in Kenya. The percentage was revised from 3 percent (which was to be a Fund) to 1.5 percent (which is now a levy, just another name for “tax.”).

He also hopes to get cash from the taxing of petroleum products with the new increase from 8 percent to 16 percent, a move that will see a rise in fuel prices.

Related Content: Comprehensive Analysis Of Taxation In Kenya: Burdens, Purpose, And Why Kenyans Need To Wake Up And Demand Better From Their Taxes

Juma is an enthusiastic journalist who believes that journalism has power to change the world either negatively or positively depending on how one uses it. (020) 528 0222 or Email: info@sokodirectory.com

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