Economic Growth: Ruto’s Focus on 6 Vital Sectors
The second budget of President William Ruto will be based on six key sectors, including Affordable Housing, Agriculture, and the Creative Economy.
Treasury Cabinet Secretary Njuguna Ndung’u stated during the Medium Term Budget Preparation Process meeting on Friday that the government will also prioritize Healthcare, the Digital Superhighway, and Micro, Small, and Medium Enterprises (MSMEs).
The Cabinet Secretary clarified that these six areas will facilitate the Kenya Kwanza Administration’s desired substantial economic transformation.
He stated that these sectors align perfectly with the Bottom Up Economic Model of President William Ruto. Based on current trends, the government is also confident in its ability to create employment for Kenyans.
In this regard, the Cabinet Secretary declared that Ministries and State Departments will base their forthcoming budget programs on the six sectors.
“The output of the Sector Working Group process will be an important input into the 2024 Budget Policy Statement (BPS), which will provide the framework for finalizing the FY2024/25 and the Medium-Term period,” he explained.
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The chairman of the National Assembly Budget and Appropriations Committee, Ndindi Nyoro, added that the ratification of the six-sector model will result in a streamlined budget for the next fiscal year that is closely aligned with the Kenya Kwanza Manifesto.
He signaled Parliament’s willingness to assist the current administration in implementing its programs to improve Kenyans’ livelihoods.
Nonetheless, details regarding the upcoming budget and intended taxation policies remained classified.
Ruto’s initial budget was Ksh3.6 trillion. There were indications, following the reading of the budget, that his subsequent budget might include a marginal increase.
Notably, the Ministry of Education secured the greatest allocation in the 2023/2024 budget, receiving Ksh628 billion.
The Ministry of Health, which received Ksh141 billion, and the Ministry of Roads, which received Ksh244 billion, were among the other ministries to secure substantial funding.
Approximately Ksh35,2 billion was set aside at the same time for Ruto’s Affordable Housing initiative.
Economic Growth: Ruto’s Focus on 6 Vital Sectors