• Treasury CS Njuguna Ndung’u has told Kenyans to be ready to make what he describes as short-term sacrifices as the 2023/24 Budget is tabled before Parliament
• Ndung’u said the government is faced with an uphill task of financing its projects while also keeping the debt low
• At present, Kenya’s debt is placed at Ksh.1.6 trillion as the government plans to borrow Ksh.720.1 billion more in the next financial year
Treasury Cabinet Secretary Njuguna Ndung’u has told Kenyans to be ready to make what he describes as short-term sacrifices as the 2023/24 Budget is tabled before Parliament.
Treasury CS Njuguna Ndung’u
Speaking in an interview from his office on Thursday hours before reading the Ksh.3.6 trillion budget estimate, Ndung’u said the government is faced with an uphill task of financing its projects while also keeping the debt low.
“We have to have some short-term sacrifices for us to achieve the long-term. We have to sacrifice for the future,” said Prof Ndung’u, adding; “This administration started with two extreme problems: financing constraints for projects and we did not have headroom for debt.”
At present, Kenya’s debt is placed at Ksh.1.6 trillion and as the government plans to borrow Ksh.720.1 billion more in the next financial year, Ndung’u said the measures proposed in the bill have been thought-through and will not be punitive to Kenyans.
“All the measures that are going to be proposed will be justified and balanced. They have come from consultations,” said the Treasury boss.
According to Ndung’u, the government will also be focusing a lot on food security and climate action in order to boost sustenance and lower the cost of living.
“Food security and climate change will become a focal point of our planning and investment,” he said.
“The bottom line is how to turn around Kenya’s economy, make it inclusive in terms of growth prospects, create jobs for the youth, lower the cost of living and create momentum for future growth. That is the expectation.”
This is President William Ruto’s administration’s first budget.
The National Assembly Finance Committee is proposing a Ksh.80.7 billion addition, with the total budget expected to hit Ksh.4.4 trillion.
The national government has been allocated Ksh.2.2 trillion, while the Judiciary has been allocated Ksh.22 billion.
The Legislature (National Assembly and Senate) have meanwhile been given Ksh.41 billion.
