President Uhuru chaired the Cabinet meeting that approved the budget. Image: PSCU
President Uhuru Kenyatta on Thursday chaired a Special Session of the Cabinet during which the Cabinet was briefed on the Budget Estimates for the Financial Year 2019/2020.
According to a statement from PSCU, the Cabinet considered the brief and approved the proposed Budget Estimates for submission to the National Assembly.
The budget outlines new expenditures and taxation measures to fund the Sh3.02 trillion budget.
Last year, the budget stood at Sh.3.06 trillion.
The Treasury has allocated Sh671 billion for the development agenda.
CS Rotich has also allocated Sh314 billion to the counties.
Constituency funds have been allocated Sh5 billion in the budget.
The budget has a deficit of Sh556 billion shillings.
This means Kenya Revenue Authority will have to work harder to raise the deficit.
The government has increased its 2018-19 spending by Sh80 billion, defeating efforts by President Uhuru Kenyatta to have the Treasury institute austerity measures.