CIVIL SOCIETY ORGANIZATIONS (CSOS) MEDIA STATEMENT ON THE FINANCEBILL, 2023

The country is in an economic crisis; this year, for every 100 shillings the government collects as
revenue, more than 65 shillings goes to service the national debt. More devastating, the first three
quarters the Kenya Revenue Authority (KRA) in the revenue collection for the 2022/2023 Financial
Year have been below target. Out of the targeted Ksh 2.07 trillion for the current fiscal year, Ksh 1.57
trillion has been collected. Almost 25% below the target amount. The above financial predicament
notwithstanding, the government, through the National Treasury, has put together an expansionary
national budget for the 2023/2024 financial year totalling Ksh 3.6 trillion with a projected deficit of
Ksh 768 billion in the 2023/2024 financial year.
The high debt burden, the unmet revenue collection and a large budget deficit require fiscal
consolidation and revenue mobilization. The government, as required in every financial year, tabled
the Finance Bill 2023/2024 before the National Assembly on 4th May 2023 for the first reading.1
The Departmental Committee on Finance and National Planning published the notice for public
participation and submission of memoranda on 7th May 20232. The public participation window
closed on 20th May 2023.