Economy
KRA Fail To Meet Half Year Revenue Collection Target By Sh186B
The Kenya Revenue Authority (KRA) collected a total of Ksh 1.27 trillion in the first half of the financial year 2023/24 ended December 2023.
New data from the National Treasury indicates that shows the half year collection was below target by Ksh 182.4 billion mainly on account of a shortfall in ordinary revenues of Ksh 186.2 billion.
Despite the missed target, year-on-year revenue collection rose 10.7pc when compared to the same period in 2022.
Treasury says shortfalls in revenue performance and liquidity constraints have hurt execution of various government programmes in the current year.
“Expenditures were below target by Ksh 360.9 billion on account of below target disbursements towards both recurrent expenditure and development expenditures,” said Treasury.
Overall fiscal deficit including grants amounted to of Ksh 182.4 billion equivalent to 1.1pc of GDP against a target of Ksh 363.7 billon equivalent to 2.3pc of GDP.
In January alone, exchequer revenue in January grew to Ksh 170.3 billion though this was below target of Ksh 198.2 billion.
“In the month of January, revenues recorded a growth of 11.3pc with custom taxes recording a growth of 15.8pc and domestic taxes 13.5pc.”
Of the Ksh 360 billion treasury received from domestic and external sources for budgetary support, resources from the International Monetary Fund (IMF) amounted to Ksh 92 billion while those from the Trade Development Bank (TDB) amounted to Ksh 59.3 billion.
Treasury processes debt repayments amounting to Ksh 163.5 billion of which Ksh 69.3 billion was domestic debt and Ksh 94.2 billion being external debt.
Transfers to education programmes amounted to Ksh 49 with basic education receiving Ksh 31.3 billion and higher education Ksh 17.7 billion.
In January, county governments received disbursements amounting to Ksh 31.8 billion as outstanding exchequer requests topped Ksh 294.1 billion.
In the FY2024/2025 which commences in July, treasury projects total expenditure to amount to Ksh 4.18 trillion. This will be financed by total revenues which are projected to reach Ksh 3.4 billion and ministerial appropriation-in aid amounting to Ksh 486.9 billion.
Kenya Insights allows guest blogging, if you want to be published on Kenya’s most authoritative and accurate blog, have an expose, news TIPS, story angles, human interest stories, drop us an email on [email protected] or via Telegram
Both Sides Claim Victory After US, Iran Agree To 11th-Hour Truce
The Teflon Company: How Gulf Energy’s Insiders Built Billions on Kenya’s Fuel, and Walked Away Clean
Inside Details Of Sh78 Billion Fraud in KPC’s Mombasa-Nairobi Line 5 Pipeline Project That Has Continued To Bleed The Country
Details Of The Precise Rescue Of Elite US Troops From Iranian Territory
The Fuel Deal That Exposed Wandayi’s Lies As Pressure Mounts For His Resignation
Who Architected the Ksh 4.8 Billion Fuel Scandal? Two CSs Now Caught in the Storm
THE ZAKHEM-ECOBANK MACHINE: How Kenya’s Courts Were Weaponised to Drain a State Corporation of Over KES 78 Billion
Poison at the Pump: How Kenya’s Fuel Marking System May Be Exposing Millions to Cancer-Causing Chemicals
Inside Nyayo House: The Kitchen Cartel That Demands Sh100,000 for a Stove
JSC Rot: “Why I Paid Over Sh4 Million for a High Court Slot” — Explosive Claims by ‘Incoming Judge’
Tuju Forcefully Removed From His Karen Property With Masked Officers In Unmarked Vehicles In Early Morning Raid
Named: Havi Says Mutava Confessed He Was Collecting The Bribe For Lady Justice Josephine Mongare, So Why Is JSC Still Silence?
How Little-Known Pesa Print, Linked to State House Tycoons, Won NTSA Tender Worth Sh42 Billion in Traffic Fines
The Man With The Golden Pen: How NLC’s Joel Ombati Is Accused Of Masterminding Kenya’s Biggest Infrastructure Land Heist
‘They Will Eat You Alive’: Retired Teacher Warns Against Bashy African Credit as Sh500,000 Loan Spirals Into Sh1.5 Million Fight
THE HANDSHAKE THAT BECAME A NOOSE: How Tuju’s Alleged Intimate Access to EADB’s Yeda Apopo Produced a Sh294 Million Deal With No Written Contract, and Why That Trust Destroyed an Empire
Forged Legacy: How Kaplan and Stratton’s Peter Gachuhi Is Accused of Faking a Top AG’s Will as State Claims Damning Evidence
Waweru’s Bank Pockets Sh1.16 Billion from KPC IPO While Ordinary Kenyans Fled the Sale
How Firm Linked To Mombasa Tycoon Jaffer Was Allowed To Import Fuel At Bloated Price And Set To Make Billions In Profits From Iranian War Crisis In Kenya
Men Linked to Akasha Drug Dynasty Charged With Death Threats and Assault at Nairobi Nightclub
-
Business2 weeks agoTHE HANDSHAKE THAT BECAME A NOOSE: How Tuju’s Alleged Intimate Access to EADB’s Yeda Apopo Produced a Sh294 Million Deal With No Written Contract, and Why That Trust Destroyed an Empire
-
Investigations1 week agoForged Legacy: How Kaplan and Stratton’s Peter Gachuhi Is Accused of Faking a Top AG’s Will as State Claims Damning Evidence
-
Business1 week agoHow Firm Linked To Mombasa Tycoon Jaffer Was Allowed To Import Fuel At Bloated Price And Set To Make Billions In Profits From Iranian War Crisis In Kenya
-
News2 weeks agoMen Linked to Akasha Drug Dynasty Charged With Death Threats and Assault at Nairobi Nightclub
-
News2 weeks agoCity Lawyer Kimani Wachira Caught Up In Bribery Web Fights Claims
-
Business7 days agoSold And Abandoned: How Diageo and Asahi Are Locking Kenya’s EABL Minority Shareholders Out Of East Africa’s Biggest Corporate Heist
-
News7 days agoTreasury Hands Sh358M Brief to Eric Gumbo’s Firm While Bypassing Standard Rules — and the Lawyer Is Already Deep Inside Ruto’s State Machine
-
Business5 days agoPoison at the Pump: How Kenya’s Fuel Marking System May Be Exposing Millions to Cancer-Causing Chemicals