President William Ruto. Photo courtesy.
The amount of money which President William Ruto's government is set to borrow in his first full financial year as President since his election in August 2022 general elections, has been revealed out today by the Chairman of Financial and Budget Committee in National Assembly Kiharu Member of Parliament Hon Ndindi Nyoro.
Speaking during the parliament proceedings in National Assembly today as quoted by Kenyans.co.ke, Nyoro has revealed out that the government is set to borrow Sh860 billion. Which is a deficit amount in the proposed Sh3.3 trillion 2023/24 budget which is set to be read in June this year by Treasury Cabinet Secretary Prof Njuguna Ndungu.
Nyoro has further revealed out that the government is set to borrow that deficit amount from the local businesses that's banks and other financing companies, as well as foreign borrowing to enable them fund the budget fully as they have estimated.
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