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The 2024-25 budget will be presented alongside a highly contested piece of draft legislation, the Finance Bill 2024. The bill proposes tax changes aimed at increasing revenue collection, but critics say it could cripple sectors ranging from financial services and manufacturing to retail.
Kenya’s parliament has approved government spending of 4.00 trillion shillings (USD 31.01 billion) in the fiscal year that starts in July, up from the 3.75 trillion shillings it approved last June for the current fiscal year. The finance ministry is due to present the final version of the budget next week, with slight variations expected to the proposed amount of spending.
The 2024-25 budget will be presented alongside a highly contested piece of draft legislation, the Finance Bill 2024. The bill proposes tax changes aimed at increasing revenue collection, but critics say it could cripple sectors ranging from financial services and manufacturing to retail.
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President William Ruto defends the tax measures as necessary to curb the country’s reliance on borrowing and fund spending priorities.
