According to National Treasury Cabinet Secretary Prof. Njuguna Ndung’u, The Government of Kenya has attained its intention to cut spending by Ksh.300 billion.
In a press release on February 3, Ndung’u said the budget cut will be sustained until the end of the fiscal year.
“This is a reflection of resource management that will add value and promote sustainability under the Bottom-Up Economic Transformation Agenda (BETA),” Ndung’u said.
The CS dismissed media reports the budget cut goals have not been met, adding that the economy is facing emergencies and pressing issues such as persistent drought and financing of Junior Secondary School (JSS) education.
During his first address to parliament on September 29, 2022, President Ruto ordered Treasury to cut Ksh.300 billion from the 2022/23 budget to relieve Kenya’s spending and borrowing pressure.
“We should never borrow to finance recurrent expenditure. It is not right, prudent or sustainable. It is simply wrong. We must bring ourselves and our country to sanity,” President Ruto told MPs and Senators.
The Head of State said the market cannot sustain the kind of borrowing the government is doing, hence the need to cut at least Ksh.300 billion in the year’s budget.
