Kenya to Present National Budget Statement
Kenya’s National Treasury will reveal the budget statement for 2022-2023 today.
Treasury Cabinet Secretary Ukur Yatani will present the budget statement in the Kenyan National Assembly today after 3:00 PM. The official statement comes shortly before the 2022 Kenyan general elections in which long-serving incumbent President Uhuru Kenyatta will leave office— as the Kenyan constitution prevents him from running for a third time.
Expect the Kenyan government to allocate a substantial portion of the national budget towards public service programs with the goal of boosting Nairobi’s plan for economic recovery. Under the plan, Nairobi will spend money to create more jobs in social services—mainly in the department of law enforcement—during the short-to medium term. By recruiting new police officers, Nairobi aims to combat the high unemployment rate—specifically amongst its young population—and curb the nation’s crime rate by emphasizing security measures.
In addition to this, by granting a special fund towards fuel stabilization programs, Nairobi aims to address the soaring fuel prices—along with shortages—which have long been a subject of discontent. Despite Kenya’s domestic efforts to appease motorists, the ongoing Russian invasion in Ukraine will continue to worsen the global crisis in nonrenewable energy during the long-term.
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