Treasury on spot over budget making process

Treasury raises over Ksh.33 billion from three years bond sale

Members of Parliament have put the National Treasury on spot for failure to provide 20222/23 budget highlights.

As preparation for the Ksh.3.33 trillion budget for the 2022/23 fiscal year commences, the exchequer came to a standstill to providing budget highlights which MPs said revenue generation in the country can only be done based on the Division of Revenue Bill (DoRB) 2022, which is being legislated.

The DoRB deals with fair revenue allocation between the 47 county governments and the National government.

This means that without the legislation of the bill, the Treasury is not able to know what has been allocated, hence providing a hindrance to the budget-making process.

For the fiscal year 2022/23, the bill will comprise the total shared revenue of Ksh.2.14 trillion between the national government and the 47 county governments.

Ksh.1.76 trillion has also been allocated to the national government, Ksh.370 billion to the counties’ equitable share, and Ksh.7.06 billion to the equalization fund.

The budget statement is set to be released on April 7, 2022 by Ukur Yatani, the National Treasury Cabinet Secretary.

This comes after the Treasury Principal Secretary, Julius Muia, made a public invitation for ideas and comments on the policy and tax measures for the 2022 and 2023 financial plans.

A letter was submitted to Muia by the House Business Committee (HBC), directing Yatani to make provisions on the budget highlights.

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