Budget Reading Approaches: CS Ndung’u Urges Kenyans to Prepare for Sacrifices
Treasury Cabinet Secretary Njuguna Ndung’u has advised Kenyans to be prepared to make what he deems to be short-term sacrifices when the 2023/24 Budget is presented to the House of Representatives.
Ndung’u told Citizen TV from his office on Thursday, hours before delivering the Ksh.3.6 trillion budget estimate, that the government faces a formidable challenge in financing its projects while minimizing its debt.
For long-term success, we must make sacrifices in the short term. Prof. Ndung’u stated, “We must make sacrifices for the future,” adding, “This administration began with two extreme problems: financing constraints for projects and no room for debt.”
As Kenya’s debt currently stands at Ksh.1.6 trillion. And the government plans to borrow an additional Ksh.720.1 billion in the next fiscal year. Ndung’u stated that the proposed measures in the bill have been thoroughly considered and will not be punitive to Kenyans.
“All proposed measures will be justifiable and proportional. They are the result of consultations, said the head of the Treasury.
ALSO READ: Njuguna Ndung’u Takes Center Stage at 3 pm: A Defining Moment for Kenyans in Parliament
According to Ndung’u, the government will also place a heavy emphasis on food security and climate action to increase sustenance and reduce the cost of living.
“Food security and climate change will become the focal point of our planning and investment,” he stated.
“The bottom line is how to turn Kenya’s economy around, make it inclusive in terms of growth prospects, create jobs for the youth, reduce the cost of living, and generate momentum for future growth. This is the anticipation.”
This is the inaugural budget of the administration of President William Ruto.
The National Assembly Finance Committee proposes an increase of Ksh.80,7 billion, bringing the total budget to an estimated Ksh.4.4 trillion.
The budget for the national government is Ksh.2.2 trillion, while the budget for the Judiciary is Ksh.22 billion.
In the meantime, Ksh.41 billion was allocated to the Legislature (National Assembly and Senate).
Budget Reading Approaches: CS Ndung’u Urges Kenyans to Prepare for Sacrifices
HEY READER. PLEASE SUPPORT THIS SITE BY CLICKING ADS. DON’T FORGET TO HIT THE NOTIFICATION BELL FOR MORE UPDATES AROUND THE GLOBE.