Kenya’s estimated revenue target collection for the 2024/2024 financial year is equivalent to that of Uganda, Tanzania, and Rwanda combined.
Treasury Cabinet Secretary Njuguna Ndung’u while reading the budget at the National Assembly on Thursday last week announced that the National Treasury projects a total revenue collection of Ksh 3,343.2 billion ($23 billion).
Ndung’u highlighted that out of the revenue projection, Ksh 2,917.2 billion, equivalent to 16.2% of GDP, Ministerial Appropriation-in-Aid is projected at Ksh 426.0 billion while grants are projected at Ksh 51.8 billion or 0.3% of GDP.
“With the policy measures and structural reforms highlighted above, we project total revenue collection, including appropriationin-aid for the FY 2024/25 budget to be Ksh 3,343.2 billion, equivalent to 18.5% of GDP,” he announced.
From the revenue projection, the Treasury aims to spend Ksh 2,840.0 billion or 15.7% of GDP on recurrent expenditure, and Ksh 707.4 billion on Development expenditures including allocations to domestic and foreign-financed projects, Contingency Funds and Equalization Funds.
Total allocation to County Governments is projected at Ksh 444.5 billion of which equitable share is Ksh 400.1 billion.
Tanzania has tabled a TSh 49.3 trillion ($12.5 billion )budget for the fiscal year 2024/25. It plans to secure TSh 9.6 trillion from domestic and international commercial loans, while grants and concessional loans from development partners will contribute TSh 5.1 trillion. Local government revenues are expected to contribute TSh 1.3 trillion to the budget.
The Ugandan government on the other hand plans to collect Ugx 31.982 trillion ($7.5 billion) equivalent to 14.2 percent of the GDP from domestic revenue.
Rwanda is projecting to collect FRW 3,414.4 billion in domestic revenue which converts to $2.5 billion.
If you combine the Ugandan, Tanzania, and Rwanda domestic revenue projections they add up to $22.5 billion.
Kenya on its own projects to collect $23 billion which is more than the three East African countries combined.
The Kenyan projections have been rubbished by the Auditor General Nancy Gathungu who termed them unrealistic and over-optimistic.
Also Read: I Will Not Allow Divisions Between President Ruto And I- DP Gachagua
