President William Ruto's second budget will be founded upon six primary sectors, including Affordable Housing, Agriculture, and the Creative Economy.
Speaking during the Medium Term Budget Preparation Process meeting on Friday, Treasury Cabinet Secretary Njuguna Ndung’u highlighted that the government will also prioritise Healthcare, the Digital Superhighway, and Micro, Small, and Medium Enterprises (MSMEs).
The Cabinet Secretary explained that these six areas will facilitate a substantial economic transformation, a goal set by the Kenya Kwanza Administration.
He added that these sectors sync perfectly with President William Ruto's Bottom Up Economic Model. The government is also confident about their potential to create jobs for Kenyans based on current trends.
To that effect, the Cabinet Secretary made an announcement that Ministries and State Departments will base their programs in the upcoming budget on the six sectors.
“The output of the Sector Working Group process will be an important input into the 2024 Budget Policy Statement (BPS), which will provide the framework for finalizing the FY2024/25 and the Medium-Term period,” he stated.
On his part, Ndindi Nyoro, the Chairperson of the National Assembly Budget and Appropriations Committee, further emphasised that the adoption of the six-sector model will result in a streamlined budget for the next fiscal cycle, closely aligned with the Kenya Kwanza Manifesto.
He signalled Parliament's willingness to assist the current administration in realising its programs aimed at improving the lives of Kenyans. However, specifics regarding the upcoming budget and planned taxation policies remained under wraps.
Ruto's first budget stood at Ksh3.6 trillion. After the budget was read, there were indications that his subsequent budget might record a marginal increase.
Notably, in the 2023/2024 budget, the Ministry of Education secured the largest allocation, receiving Ksh628 billion.
Other ministries that secured substantial funding included; the Ministry of Health which received Ksh141 billion and the Ministry of Roads which got an allocation of Ksh244 billion.
At the same juncture, some Ksh35.2 billion was set aside for Ruto's Affordable Housing initiative.
