The National Assembly has approved a Ksh4 trillion budget funding for the upcoming 2024/2025 fiscal year starting July 1.
Kiharu Lawmaker Ndindi Nyoro who is also the Chairman of the Budget and Appropriations Committee in the National Assembly Ndindi Nyoro confirmed the budget at Ks4.006 trillion.
The Ksh4 trillion budget is an increase of Ksh250 billion compared to the 2023/2024 budget which stood at Ksh3.75 trillion.
The final version which is scheduled for submission to the National Assembly by the Ministry of Treasury contains a slight variance from the proposed one.
It will be submitted alongside the contentious Finance Bill 2024 which proposes a string of taxes that have triggered public uproar.
It seeks to amend various revenue legislations by hiking taxes and levies imposed on various sectors to increase the government's tax bracket.
According to President William Ruto, the tax measures are necessary to reduce the country's reliance on borrowing.
During the submission of the approved budget, parliament will have no other house business other than to revenue it.
It will be Ruto's second budget since his ascension to power in September 2022 even as the Head of State considers cutting down on unnecessary expenditure.
In the latest approved budget, the office of the president is set to reap big alongside that of his deputy, Rigathi Gachagua.
Both offices will receive Ksh5.1 billion and Ksh4.8 billion respectively while Prime Cabinet Secretary Musalia Mudavdi's office will receive Ksh1.1 billion.
Other sectors set to reap big in the next fiscal year's budget include Education, Energy and Security.
