20 May 2011
Nairobi — The Government managed to raise Sh578.3 billion by April 29 against a target of Sh768.9 billion in the current fiscal year, Finance minister Uhuru Kenyatta, has said.
This saw the recurrent budget, which finances expenses like public service salaries, reduced from the projected Sh624.5 billion to Sh520 billion during the period.
According to a statement of actual revenue and net exchequer issue published in the Kenya Gazette notice of May 20, development expenditure, which funds development projects like infrastructure, was cut from the estimated Sh208.6 billion to Sh132.4 billion over the period.
Mr Kenyatta’s publication of the statement of actual revenue and net exchequer issue is one of the requirements of the Fiscal Management Act, 2008, which was signed into law on June 16, 2009.
The Act demands that the minister publishes monthly statements of actual revenues collected by category and other financial issues.
This part of a process aimed at enabling Kenyans to scrutinise the budget–preparation, resource allocation and implementation.
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