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Hustler Fund among biggest beneficiaries in Supplementary budget

In his first budget to Parliament, Treasury CS Njuguna Ndungu made new allocations and reallocations

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by The Star

News08 February 2023 - 07:45
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In Summary


  • Giving an update on the Hustler fund last Friday, President William Ruto said that up to February 3,  18 million Kenyans have registered.
  • Atleast 15 million Kenyans have borrowed money from Hustler Fund while 800,000 Kenyans had defaulted on their loans.
HUSTLER FUND

President William Ruto, Deputy Rigathi Gachagua and Hustler fund are the biggest beneficiaries lined up in the government's Supplementary budget.

The Hustler Fund has been allocated Sh12 billion as National Treasury is yet to table its first supplementary budget.

In his first budget to Parliament, Treasury Cabinet Secretary Njuguna Ndungu made new allocations and reallocations

The State Department of Cooperatives has seen its allocation increase from Sh2.3 billion to Sh22 billion with Sh12 billion set aside for the Hustler Fund.

Giving an update on the Hustler fund last Friday, President William Ruto said that up to February 3,  18 million Kenyans have registered.

Atleast 15 million Kenyans have borrowed money from Hustler Fund while 800,000 Kenyans had defaulted on their loans.

Ruto said 14.2 million Kenyans are regularly servicing their loans. 

Hustler Fund has so far dispatched Sh17 billion to the borrowers and for the last two months, members of the fund have also saved Sh850 million.

Treasury CS said the allocations were agreed upon due to emerging priorities and emergencies including drought in the country.

As a result, the State Department for Arid and Semi-Arid Lands got an additional Sh6.3 billion from Sh10.4 billion to Sh16.7 billion.

Some ministries have seen their budgets undergo a cut to Sh13.3 billion.

The rationale behind the supplementary budget according to the Ndungu is to give additional funding for emerging priorities and emergencies, fund previously approved reallocations and rationalised the budget to align the revised reorganisation of government under Executive Order No 1 of 2023.

Ministries whose budget has been cut include the Ministry of Water and Sanitation whose allocation will be cut from Sh83.9 billion to Sh59.7 billion.

State Department for Interior and Citizen Services allocation has been reduced from Sh143.5 billion to Sh112.1 billion, a Sh31 billion reduction.

The Ministry of Interior had the biggest cut at Sh31 billion on account of the transfer of some of its functions to the National Police Service.

The Executive Office of the President has been allocated Sh200 million for construction and refurbishment at State House.

For the implementation of urgent service, the office of the Deputy President has been allocated Sh264.3 billion.

Teachers Service Commission will get Sh6.3 billion for the recruitment of the additional 30,000 teachers.

The Judiciary also got Sh2.8 billion while an additional Sh3.6 billion was given to the Social Protection department for food relief.

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