BUDGET: Gov’t to spend Sh3.3tn, total revenue projected at Sh2.4tn

NAIROBI, Kenya, April 7 – The government has projected the 2022/23 budget at Sh3.3 trillion which will be distributed among the recurrent expenditure at Sh2.3 trillion and development expenditure of Sh715.5 billion.

While issuing the 2022/23 budget statement, Treasury Cabinet Secretary Ukur Yattani projected the total revenue collection at Sh2.4 trillion equivalent to 17. 5 percent of GDP.

Ordinary revenue is projected at Sh2.14 trillion.

Equitable share to counties is set at Sh370billion.

The fiscal deficit is expected to decline to Sh862.5bn( 6.2 percent from Sh1 trillion (8.1 percent of GDP).

The fiscal deficit will be financed from external financing of  Sh280bn and net domestic financing of  Sh581 mn.

As part of its medium-term fiscal deficit policy, he said the government seeks to reduce fiscal deficit to sh634mn in 2025/26 fiscal year.