Kenya’s parliament has given its approval for the government’s proposed spending of $31 billion in the upcoming fiscal year

Kenya’s parliament has given the green light to government spending of 4.00 trillion shillings ($31.01 billion) for the upcoming fiscal year, which is an increase from the 3.75 trillion shillings approved for the current fiscal year.

The finance ministry is set to unveil the final version of the budget next week, with anticipated adjustments to the proposed spending amount.

“This house … will be approving a budget … of 4.006 trillion shillings,” stated Ndindi Nyoro, chairperson of parliament’s Budget and Appropriations Committee, on Thursday in anticipation of the approval.

The 2024/25 budget will be unveiled alongside a controversial draft legislation called the Finance Bill 2024.

Critics argue that the bill’s proposed tax changes could have a detrimental impact on various sectors, including financial services, manufacturing, and retail, potentially leading to significant consequences.

President William Ruto justifies the tax measures as essential for reducing the country’s dependence on borrowing and financing spending priorities.