22.8 C
Monday, December 11, 2023

2023/24 financial year budget to swell by Sh180 billion


Increased budget is as a result of increases to ministerial national government expenditure and expenditures for the Consolidated Fund Services

The overall budget for the 2023/24 financial year is likely to increase by about Sh180 billion if the Supplementary Estimate currently under consideration by the National Assembly is approved.

An analysis of the Supplementary Estimates 1 presented by the Parliamentary Budget Office (PBO) to the House Departmental Committee on Public Debt and Privatization shows that the overall budget is set to increase by Sh187.28 billion.

This is a rise from the Sh3.74 trillion approved by the House in June 2023 to the current Sh3.93 trillion.

The public debt committee chaired by Balambala MP Abdi Shurie was told that the increased budget is as a result of increases to ministerial national government expenditure and expenditures for the Consolidated Fund Services (CFS).

The ministerial expenditures have been adjusted upwards by Sh83.76 billion in gross recurrent expenditures, and reduced by Sh41.97 billion, in gross development expenditure.

The increase in recurrent expenditures is driven towards supporting the education sector through increased new funding model for Technical and Vocational Education and Training (TVETS), allocation for the Open University, a rise in Appropriation-in-Aid collected by Public Universities, as well as provisions for statutory requirements like the Housing Levy.

The Development Budget on the other hand, has been reduced by Sh40.9 billion due to budget rationalization, particularly in the state departments for roads, housing and urban development.

With regard to Consolidated Fund Services (CFS), members were told that the expenditures have been revised to Sh2.08 trillion for the 2023/24 financial year, from Sh1.84 trillion as provided for in the FY 2023/24 approved budget. 

This translates to an increase of Sh242.52 billion at 13%, attributed to the shock in the depreciating currency. The Supplementary Estimates I for 2023/24 financial year was submitted to the House on October 26th 2023.

According to Standing order 207(A), the Public Debt and Privatization Committee is mandated to consider the expenditures of the Consolidated Fund Services and submit a report to the House.

Share post:


More like this

MPs want banditry classified as terrorism

The National Assembly’s departmental committee on administration and internal...

Trade, investment high on agenda as Ruto sees off newly appointed diplomats

Ambassadors to be held accountable for the use of...

UK, Rwanda sign new deal in an attempt to revive migrant transfer pact

Britain and Rwanda have inked a new treaty aimed...

Burkina Faso, Niger withdraw from G5 anti-militia alliance

BY AFP Chad and Mauritania, the two remaining members of...