Treasury Cabinet Secretary Prof. Njuguna Ndung’u on Thursday presented the 2023/24 fiscal year budget in Parliament.
The CS, in his first budget statement, explained the state of public debt, which he says is still sustainable, but with elevated risks of distress due to persistent global shocks that adversely affect the liquidity ratios.
The Treasury boss attributed the rise of the debt burden to the depreciation of the Kenya shilling against major currencies and the rise of interest rates.
With the Ministry of Education reaping big from the budget persons with disabilities under the vulnerable groups were also a priority where they were allocated Sh 1.2 billion.
The allocation is part of Sh 38.2 billion for social protection and affirmative action – Of the amount, cash transfers programmes under Pesa Kwa Wazee were awarded Sh 18 billion while Orphans and vulnerable children received Sh 7.9 billion.
According to Ndung’u, the funds will be protected to ensure the right beneficiaries get their portion.
The government also allocated 459 million to persons with disabilities.
Other allocations in the budget include; Ksh.628 billion for the Ministry of Education – Junior Secondary Schools capitation increased to Ksh.25.5 billion from Ksh.15 billion as the Higher Education Loans Board’s allocation doubled from Ksh.15 billion to Ksh 30 billion.
The National Government health services were allocated 141 billion with additional funds allocated to counties.
Road construction was allocated Ksh.250 billion prioritizing the completion of stalled and ongoing projects.
The Fertilizer Subsidy Program was allocated Ksh.5 billion while Ksh.25 billion was allocated to clear arrears for unpaid oil subsidies.
Stalled market (181) whose construction was initiated in 2008 will be completed with a budget of Ksh.3 billion.
Some Ksh 4.7 billion goes to counties as conditional grants to establish 47 aggregation and industrial parks in each county.
According to Ndung’u, the government’s financial year starts on July 1.