As president Uhuru Kenyatta is expected to hand over, the national treasury has stated that there’s a ksh. 505 billion pending bill.
According to the fiscal year to june 2022, the national government’s bill shot by 40% which equated to 359.5 billion ksh. 505 billion as of now.
According to the national treasury reports, the 488.6 billion shillings are spendings by the state corporation while the balance, Ksh.56.1 billion is the spendings by the ministries in the government, state departments and other government entities
State corporations include the bills by the road contractors from China,suppliers who supply the government and pension arrears.
70% of the state corporations belong to road contractors and suppliers.
Majority of the bills has been named as the historical bill. This is the pending bill that was left by the previous presidents in the government.
The bills continue to accrue regardless of the government’s promises to clear the pending bills.
The national treasury has recommended that the government should prioritize paying the pending bills before they much accrue in the 2022/2023 budget draft.
The government finds its credits from the taxpayers scheme in Kenya. A certain amount is deducted as tax per every earning that a Kenyan receives.
Evading paying taxes according to the constitution results to a heavy penalty or a jail term.
According to the national treasury, Kenya involves itself in export of Cash and food crops for revenue.
In meru county, export of Miraa to Somalia has been of a great boost to the Kenyan economy. Earlier in the business world, opening of the market in Somalia has made continuation to the market that was stopped earlier this year.
President Uhuru Kenyatta also in his last days in office, launched the railway in Kisumu. He stated that , the railway will ensure the economy growth in Kenya since many youth will be employed.
More news to follow