The Government has been implored upon to extinguish the fiery debate on the finance bill by embracing a more pragmatic approach in addressing the ambitious bill.
President William Ruto’s administration plans to raid taxpayers for an additional Sh392.70 billion and cut fresh borrowing to fund his first budget of Sh3.6 trillion for the year starting July.
It’s now in the public domain that Kenya Kwanza’s administration’s first budget will expand by Sh215.03 billion compared with the current one prepared by its predecessor.
Treasury Cabinet Secretary Njuguna Ndung’u projects ordinary revenue receipts — comprising taxes, levies, rent of buildings, fines and forfeitures— will rise 17.3 percent to Sh2.57 trillion.
The Kenya Revenue Authority (KRA) collections, which form the bulk of cash streams for the government, are forecast to grow to Sh2.43 trillion from the current target of Sh2.04 trillion for the year ending June.
In line of that, Evans Kakai a reputable auditor, Economist and financial analyst opines that the finance bill ought not to be disenfranchised but rather be addressed as a whole.
“It’s true the Government needs to increase it’s revenue streams but it’s equally important to be honest in this conversation and see what is really pressing and evaluating what can wait. This should start at the National Government and also be trickled down to the counties. In an elaborate public participation we can bring our heads together to see what needs immediate financing and what can wait for a later date. For example, most infrastructure development projects can be put on hold to address the pressing and urgent needs of the common mwananchi. Especially and chiefly among them bringing down the cost of living through reduction of food prices. The counties should also try to see to it that they increase their allocation for development from the partly 25% of the equitable share to about 65%,”analyst Kakai concluded.