Browsing: Kenya economic transformation

• Kenya’s FY2024/25 budget is the largest in the nation’s history at $31.1 billion.
• It, however, seeks to reduce the budget deficit through contentious tax reforms despite public outcry.
• The budget also seeks to roll out key banking and state corporation reforms.

Kenya’s Treasury Cabinet Secretary, Prof. Njuguna Ndung’u, presented the largest budget in the country’s history for the fiscal year 2024/25, amidst a backdrop of economic challenges and simmering public discontent on punitive tax measures.

The proposed budget of Kes4 trillion ($31.1 billion), up from Kes3.75 trillion in the previous year, aims to spur socio-economic transformation while addressing the budget deficit.

Kenya’s 2024/25 budget is anchored on five pillars and twelve enablers. These pillars include Agricultural Transformation and Inclusive growth, Micro, Small and Medium Enterprises, Housing and Settlement, Healthcare, and Digital and Creative Industry – $2.2 billion (Kes283.5 billion) has been allocated under the five pillars.

Allocation to other thematic …