The National Treasury has set April 7 as the date for the 2022 budget statement presentation.
The presentation of the budget statement is expected to be the last for Treasury Cabinet Secretary Ukur Yatani under the current administration.
While confirming the date for the budget presentation, Treasury Principal Secretary Julius Muia also invited public contributions and ideas on policy and tax measures for the upcoming 2022-2023 fiscal plan.
The proposals which are to be submitted by the close of business of March 22 are expected to cover measures to include the economic resilience, ways of improving livelihoods and suggestions on the fast-tracking of the government’s priority pillars.
Others include specific ways to accelerate recovery for the private sector and micro, small and medium enterprises (MSMEs), tips on fostering a conducive business environment and ways of enhancing revenue mobilization.
Net spending for the financial year that commences in July, excluding debt redemptions is estimated at Ksh.3.3 trillion.
This includes Ksh.1.628 trillion for the national government, Ksh.370 billion as part of counties equitable share of revenues, Ksh.7.1 billion for the Equalization Fund and Ksh.57 billion as conditional grants to counties.
The budget is expected to be financed through revenues of Ksh.2.820 trillion with Ksh.2.516 trillion as estimated revenues.
The balance is to be financed through both domestic and external borrowing.
Parliament has nevertheless moved to cap the fiscal deficit at no more than Ksh.400 billion or three per cent of GDP, whichever lower.
The approved 2022 Budget Policy Statement (BPS) is expected to form the basis for the 2022-2023 Appropriations Bill.
Meanwhile, Yatani’s last budget policy statement is expected to offer highlights of the spending plan alongside new revenue mobilisation methods/tax measures which will form the basis of the 2022 Finance Bill.
