Denis Mwangi

Treasury Cabinet Secretary Njuguna Ndung'u presented the Sh3.6 trillion FY2023/24 budget statement to the National Assembly on June 15, 2023.&nbsp;

This year's budget highlights various key aspects concerning the Kenyan economy and government expenditures.

Addressing the National Assembly, CS Ndung'u emphasized the impact of the depreciation of the Kenyan Shilling on the country's public debt.

With a significant portion of the debt denominated in foreign currency, its size has increased.&nbsp;

Treasury CS Njuguna Ndung'u arrives in Parliament to deliver the 2023/24 Budget Policy Statement

Despite this challenge, the CS reassured the nation that Kenya's public debt, amounting to Sh9.4 trillion, remains manageable even amidst global economic disruptions.

Regarding fund allocation, the Treasury proposed budgetary provisions for several ministries, including Education, Transport, and Agriculture.&nbsp;

The education sector took the lion's share with an allocation of Sh628.6 billion.

This includes Sh12.5 billion for free primary education, Sh65.4 billion for free day Secondary education, and Sh25.5 billion for Junior Secondary capitation.&nbsp;

CS Njuguna’s proposal also included Sh4.8 billion for recruiting 20,000 intern teachers, Sh1.1 billion for teacher promotions, Sh4.9 billion for the school feeding program and Sh940 million for the provision of sanitary towels.&nbsp;

Additionally, Sh1.3 billion was allocated for teacher training on the competency-based curriculum, and Sh400 million for digital literacy programs and ICT integration in secondary schools.

Treasury CS Njuguna Ndungu delivers the FY 2023/24 buget in Parliament

In Agriculture, Treasury recommended an allocation of Sh49.9 billion.&nbsp;

During his speech, the CS highlighted the need to reduce reliance on imports for essential food items.&nbsp;

Currently, Kenya imports 35% of its rice requirements, deviating from the EAC common external tariff of 75%.&nbsp;

Similarly, the country imports less wheat, around 10%, compared to the expected 35%.

The CS proposed revisions to the VAT rate on petroleum products by amending the VAT Act.&nbsp;

This revision aims to eliminate the preferential rate on petroleum products, subjecting them to the standard VAT rate of 16%.&nbsp;

However, in an effort to mitigate the burden on consumers, the government plans to remove VAT on Liquefied Petroleum Gas (LPG) and abolish the import declaration fee and railway development levy on LPG.&nbsp;

Additionally, the import declaration fees and railway development levy will not apply to equipment, machinery, and motor vehicles used officially by the Kenya Defense Forces and National Police Service.

Treasury Cabinet Secretary Njuguna Ndung'u presented the FY2023/24 budget statement to the National Assembly on June 15, 2023.

Treasury CS Njuguna Ndung'u in Parliament to deliver the 2023/24 Budget Policy Statement

Key highlights of Ruto's maiden Sh3.6 trillion budget

Budget

Politics

Local

World

News

Celebrities

Music

Movies

Entertainment

Sports 

Fashion

Beauty & Health

Relationships & Weddings

Food & Travel

Lifestyle

Domestic

International 

Business

Explore categories

Kenyan gospel artist Zoe makes a powerful return with 'Nimesaidiwa' , a soul-stirring anthem of faith, healing, and divine restorat

Pulse Interview: Zoe returns to reclaim her place in Kenya's gospel music scene

Traditional weddings in Kenya have turned into an expensive and luxurious affair in which culture, religion and modernity come together, leaving a lasting impression and Kenyans are breaking the bank with weddings that make news

Kenyan weddings that broke the internet: Fashion, glamour, guests & people behind them

Here is all you need to know about Fred Matiang'i, the man whose entry into 2027 politics is causing political shockwaves

Fred Matiang’i’s Biography: Family, reputation, early life & quest to send Ruto home

Bishop Calisto Odede, a former high school teacher turned theologian, now leads Citam

Citam’s Bishop Calisto Odede Biography: Early life, education, ministry & family

Checkout our authors for the latest content across entertainment, sports, business and more. Be first to receive exclusive updates with your free subscription straight to your phone | Pulselive Kenya

Authors | Pulselive Kenya

| Pulselive Kenya

Read the latest news across entertainment, sports, business and more. Be first to receive exclusive updates with your free subscription straight to your phone | Pulselive Kenya

Breaking News & Top Stories | Pulselive Kenya

Pulse Kenya is the most followed news and entertainment platform in Kenya. It informs and engages young Kenyans around the clock and provides updates by the hour.

Pulselive Kenya

Search for the latest content across entertainment, sports, business and more. Be first to receive exclusive updates with your free subscription straight to your phone | Pulselive Kenya

Search Results | Pulselive Kenya

Watch the latest videos across entertainment, sports, business and more. Be first to receive exclusive updates with your free subscription straight to your phone| Pulselive Kenya

Videos| Pulselive Kenya

Latest News Updates & Newspaper Headlines

Latest Kenyan Entertainment News & Updates

Latest Kenyan Local Business News & Headlines