Home Business Govt. meets 91pc of FY2022/23 spending plans

Govt. meets 91pc of FY2022/23 spending plans

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The government managed to raise Ksh 3.24 trillion in total revenue by the close of the 2022/23 fiscal year against the original estimate of Ksh 3.54 trillion according to figures published by the National Treasury.

Treasury says as at June 30, 2023, revenue from tax receipts amounted to Ksh 1.96 trillion against a target of Ksh 2.07 trillion while non-tax revenue receipts surpassed the projections to reach Ksh 81.99 billion.

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Treasury Cabinet Secretary Prof. Njuguna Ndung’u said funds borrowed domestically to fund the budget totaled Ksh 696.40 billion compared to an earlier projection of Ksh 1.04 trillion.

Actual receipts from external loans and grants amounted to Ksh 488.31 billion while revenue from other domestic financing sources outpaced the projections to stand at Ksh 16.11 billion while opening balance as at the beginning of the FY2022/23 was Ksh 616.55 million.

Of the total ordinary raised during the year, the country spent Ksh 1.16 trillion to pay its debt which is equivalent to 59.2pc of total ordinary revenues raised by the Kenya Revenue Authority (KRA).

The government’s pensions and gratuities exchequer issues by close of the year amounted to Ksh 136.36 billion while salaries and allowances and miscellaneous spending from the Consolidated Fund Services (CFS) was Ksh 15.65 billion. Treasury says total exchequer issues to the CFS were Ksh 1.32 trillion.

During the year, total recurrent exchequer issues to ministries, departments and agencies amounted to Ksh 1.22 trillion while development exchequer issues amounted to Ksh 308.03 billion.
By close of the last financial year, the National Government had received total spending to the tune of Ksh 2.84 trillion.

On the other hand, treasury data indicates that county government received full disbursement amounting to Ksh 399.6 billion which is above Ksh 370 billion Equitable Share allocation as per the County Allocation of Revenue Act (CARA) 2022.

“The revised Estimates include June 2022 arrears amounting to KSh. 29.6 billion. The County Governments Additional Allocations (No.2) Act, 2022 provides for additional allocations to County Governments in FY2022/2023 amounting to KSh. 22.52 billion to be disbursed through the respective Ministries, Departments and Agencies,” said Prof. Ndung’u.

Exchequer balance by close of the year was Ksh 2.62 billion.

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