Kenya has spent Sh635.3 billion paying debt since last July

In Summary

• Sh1.8 trillion spent by the government since the start of the 2018/19 financial year.

• Counties yet to receive almost Sh100 billion two months to end of the financial year.

National Treasury
National Treasury
Image: FILE

At least Sh635.3 billion of the Sh1.8 trillion spent by the government since July last year has gone to paying public debt.

The latest published accounts by the National Treasury also show that the Kenya Revenue Authority would need to collect Sh500 billion in taxes in two months to meet its target.

The data shows that by April 30, KRA had collected 72 per cent of the target revenue in taxes with two months to the end of the financial year. 

 

The total tax income target for the 2018-19 financial year as per the revised estimates is Sh1.605 trillion. By April 30, according to the statement in Friday's Kenya Gazette, KRA had collected Sh1.160 trillion.

The total revenue by April 30 was Sh1.9o5 trillion, of which Sh388.6 billion was loans borrowed locally and Sh150.2 billion was a commercial loan.

The statement shows that County Governments are yet to receive almost Sh100 billion of their equitable share of revenue, two months to the end of the financial year. Counties had received Sh234.2 billion by the end of April.

Out of the Sh1.6 trillion spent by the national government, Sh739.1 billion spent as recurrent expenditure with Sh215.6 billion going to development.