Treasury CS Njuguna Ndung’u to unveil Ksh 4 trillion budget today

 

National Treasury Cabinet Secretary Prof. Njuguna Ndung’u

National Treasury Cabinet Secretary Prof. Njuguna Ndung’u is expected to present a Ksh 4 trillion national budget this afternoon.

According to the draft budget, the national government could get 2.2 trillion shillings, the consolidated fund services that is mainly used for servicing debts gets Ksh 1.2 trillion while counties will share out Ksh 400 billion.

The Executive Arm has been allocated Ksh 2.24 trillion comprising a recurrent allocation of Ksh 1.5 trillion and development expenditure at Ksh 724.4 billion.

Judiciary has been allocated about Ksh 23.6 billion while Parliament is to receive Ksh 44 billion.

The draft budget projects revenue collection at Ksh 3.3 trillion with the difference bridged by borrowing comprising net borrowing at Ksh 300 billion and net external borrowing of Ksh 306 billion.

Education is expected to get the lion’s share of the budget at about Ksh 700 billion, national security at Ksh 373.5 billion, roads earmarked Ksh 178 billion and health gets Ksh128.7 billion.

Among the notable inclusions in the proposed 2024/2025 budget is introduction of motor vehicle tax at 2.5% of the value of the vehicle or a minimum Ksh 5,000 and capped at Ksh 100,000 standardising VAT, introduction of eco levy on electronics, diapers, lithium batteries and tyres.

The Bill further proposes the lifting of the restriction of sale of affordable housing units without the consent of the Affordable Housing Board, meaning if passed one will be able buy and sell units under the affordable housing program.

By Regina Manyara