Treasury adjusts gross national budget by 0.4% to Ksh.3.37 trillion

The National Treasury sought to increase the country’s gross total budget, coming four months after President William Ruto promised to slash the budget by nine percent.

In the Supplementary Budget for the year 2022/23, the budget is set to increase by a further 0.4 percent to Ksh.3.37 trillion from the initial Ksh.3.35 trillion.

This is driven by an increase in the recurrent expenditure by 6.6 percent to Ksh.1.49 trillion in the supplementary estimates from Ksh.1.40 trillion in the original budget.

The document reveals that the development expenditure estimate is set to reduce by 14.9 percent to Ksh.609.1 billion from the current Ksh.715.4 billion.

This cut, according to the President, is aimed at sanitising extra spending behaviour from the previous administration.

Ruto expects to achieve a recurrent budget surplus by the third year of his reign.

He intends to achieve this by slashing ministerial, executive, departmental and agency spending – which are expected to spend Ksh.2.1 billion in 12 months to June this year from the initial estimate of Ksh.2.12 trillion.

“I have instructed the National Treasury to work with ministries to find savings of Ksh.300 billion in this year’s budget. Next year, we will bring it further down so that we have a recurrent budget surplus by the third year,” said the President on September 30 last year.

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Lawrence Baraza

Lawrence Baraza is a dynamic journalist currently overseeing content at Metropol TV Digital. With a keen focus on business news and analytics, Lawrence guides the platform in delivering insightful, data-driven content that empowers its audience to make informed decisions. Lawrence’s commitment to quality and his ability to anticipate market trends make him a key figure in the digital media landscape. His work continues to shape the way business news is consumed, making a significant impact in the field.

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