Good morning
President William Ruto’s government has put forward a budget proposal of Sh3.6 trillion for the upcoming Financial Year 2023/2024. To cover the deficit of Sh700 billion, the administration intends to secure funds through borrowing.
Compared to the previous budget of FY 2022/23, which amounted to Sh3.39 trillion, this new budget reflects an increment of Sh251 billion.
The government has allocated Sh2.5 trillion for recurrent expenses, while Sh769.3 billion has been earmarked for development purposes.
During the budget reading by Treasury Cabinet Secretary Prof. Njuguna Ndung’u, a group of Members of Parliament affiliated with the opposition Azimio la Umoja One Kenya coalition caused a commotion in the House by staging a walkout in protest against the proposed Finance Bill, 2023.
The reading of the 2023/2024 budget comes at a time when Kenyans have lamented on the high cost of living with the hope that the government will implement measures to ease the burden.
What are your thoughts on the 2023/2024 budget and allocation?
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