Key highlights of President William Ruto's maiden Sh3.6 trillion budget for the 2023-24 financial year

16, Jun 2023 / 2 min read/ By Livenow Africa

The National Treasury Cabinet Secretary, Njuguna Ndung'u, presented the Sh3.6 trillion FY2023/24 budget statement to the National Assembly on June 15, 2023. The budget, which is the first to be presented by the Kenya Kwanza government, has been met with mixed reactions from Kenyans.

Here is a summary of Kenya's proposed budget for FY2023/2024:

  • Total budget: The total budget for FY2023/2024 is 3.6 trillion Kenyan shillings (Ksh). This is an increase of 10% from the previous financial year.
  • Education: The Ministry of Education was allocated the lion's share of the budget, with Sh628.6 billion set aside for the sector. This is an increase of Sh84.2 billion from the Sh544.4 billion that was allocated to the ministry in the previous financial year. The additional funds will be used to improve infrastructure, teacher training, and learning materials.
  • Health: The Ministry of Health was allocated Sh300 billion, an increase of Sh10 billion from the previous financial year. The additional funds will be used to improve access to healthcare, strengthen the country's disease surveillance system, and purchase medical equipment.
  • Infrastructure: The government allocated Sh1.2 trillion to infrastructure development, including roads, railways, and power. This is an increase of Sh200 billion from the previous financial year. The additional funds will be used to improve connectivity and boost economic growth.
  • Agriculture: The government allocated Sh100 billion to agriculture, an increase of Sh20 billion from the previous financial year. The additional funds will be used to support farmers, improve irrigation, and boost food production.
  • Tourism: The government allocated Sh50 billion to tourism, an increase of Sh10 billion from the previous financial year. The additional funds will be used to promote tourism, improve infrastructure, and attract more visitors to the country.

The budget also includes measures to address the rising cost of living, such as a reduction in fuel prices and a tax break for low-income earners. The government has also set aside funds to support the Big Four Agenda, which includes plans to improve manufacturing, housing, healthcare, and food security.

The budget has been welcomed by some, who say it is a positive step towards economic recovery. However, others have criticized the budget, saying that it does not do enough to address the country's challenges.

 

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