President William Ruto has directed ministries to cut their 2023/2024 budgets by 10 per cent to align expenditures with available resources amidst the global economic stress.
The total budget for the fiscal year 2023/24 was set at sh3.7 trillion.
This allocation comprised sh2.53 trillion in recurrent expenditures, sh743.5 billion in development expenditures and sh385.4 billion in county equitable shares.
Speaking while chairing a cabinet meeting at State House, Nairobi, Ruto emphasised the need for the Government to exercise prudence in resource utilisation.
“Wastage and corruption will not be tolerated,” Ruto cautioned.
The Head of State firmly issued a warning to government officials seeking to bypass the use of a unified payment system.
He underscored that the move was necessary because it would provide a better oversight.
A Unified Payments Interface (UPI), is a game-changer technology that works through a UPI-enabled Smartphone application for real-time digital payments, allowing you to send and receive money, make instant bill payments, and authorise transactions on a single application in a single step.
Furthermore, the Cabinet noted the importance of supporting farmers in drying and storing the produce to mitigate post-harvest losses.
To mitigate price fluctuations, the government will set aside Sh4 billion to purchase maize from farmers.
Additionally, the Cabinet approved the Gambling Policy, 2023, the Gambling Control Bill, 2023, and the National Lottery Bill, 2023, which will be forwarded to Parliament.
These bills are intended to serve as a framework for transforming the gambling industry into a force for social progress.
They aim to strengthen regulation, address high taxation perceptions, and utilise technology for a responsible and thriving sector.
In another significant move, the Cabinet approved the immediate partial lifting of the moratorium on the issuance of new mineral rights for industrial and construction minerals.
The lifting will be staggered as the Government develops means for their exploitation, ensuring Kenyans benefit.
This aligns with the bottom-up economic transformation agenda, which aims to decriminalize artisanal mining.
The Cabinet also endorsed the construction of a new 60,000-capacity stadium in preparation for the Africa Cup of Nations in 2027.
Renovations for the Moi International Sports Centre-Kasarani, Nyayo Stadium, and Kipchoge Keino Stadium in Eldoret are also in the pipeline for readiness ahead of the continental tournament.
