Kenya enacted a Ksh. 3.5 Trillion budget for Financial Year 2023/2024. This is a 6% increase compared to the previous financial year.
It is projected that Kenya will collect Ksh. 2.57 Trillion as revenues. This will be a 17% increase compared to previous financial year.
A total of Ksh. 718 billion will be development while Ksh. 1.5 trillion will be recurrent expenditures.
Public debt is estimated to be Ksh. 1.63 Trillion during the year. This is 41% of the year’s total expenditure.
Sectors : Education
Education sector seems to be one of the key priorities for the county. This will get a 7% growth in budgetary allocation. TVET will receive the largest growth of 21% compared to the previous financial year.
Teachers Service Commission (TSC) will recruit 30,000 new teachers to reduce the shortage.
HELB will receive Ksh. 10 billion more this year compared to last year. University education will received Ksh. 8 billion more than last year.
Health
The Universal Healthcare coverage budget allocation will grow from Ksh. 7.2 billion to Ksh. 24.8 billion. This is to ensure every Kenyan gets covered by NHIF.
Agriculture
Agriculture is a key sector in Kenya’s economy. The sector contributes a lot to Kenya’s Gross Domestic Product (GDP).
The numbers of farmers benefiting from fertilizer subsidy will reduce from 665,000 last year to 225,000 in FY 2023/2024. This is just 4% of the farmers who grow crops.
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