The Ksh. 3.6 trillion 2023/2024 Budget Statement to be presented in Parliament Thursday afternoon will focus on key priority areas aimed at improving livelihoods.
National Treasury CS Prof. Njuguna Ndung’u is Thursday afternoon expected to present the Budget Statement whose proposals have elicited mixed reactions from Kenyans.
PS Dr. Chris Kiptoo says the theme of the budget is a commitment that it will be based on realistic life priorities and to lower the cost of living.
The theme of this years’ budget is “Bottom-Up Economic Transformation and Climate Mitigation; Adaptation for Improved Livelihoods of Kenyans”.
“The budget estimates will be progressive despite the multiple economic shocks being experienced locally and globally, compounded by the adverse effects of climate change,” said Dr. Kiptoo when he addressed a press conference at his office Thursday ahead of the budget statement presentation in Parliament.
This will be the first budget for the Kenya Kwanza administration that has prioritized five pillars under the Bottom up Economic Transformation Agenda.
The Ksh. 3.6 budget will be seeking to maintain a delicate balancing act between debt servicing and stabilizing the economy.
In the budget proposals, Ksh. 1.5 trillion has been earmarked for recurrent expenditure, Ksh. 718 billion for development while Ksh. 986 billion will go into servicing public debt.
Counties, which are already facing a cash crunch, will share out Ksh. 385 billion.
The education sector will get the lions share of Ksh. 604 billion to operationalize the Junior Secondary School in terms of capitation and hiring of teachers.
Other areas set to benefit largely are Infrastructure, ICT and energy sector.
The five priority areas under the Bottom-up Economic Transformation Agenda comprising agriculture, MSMEs, housing and settlement, healthcare as well as the digital superhighway.
