Treasury Cabinet Secretary (CS) Henry Rotich on Thursday presented the annual nationalÂ budget at the floor of the national assembly which totalled to Ksh3 trillion.
Several economic experts andÂ Kenyans, in general,Â had raised concerns over the staggering national debt that has hit the Ksh5 trillion mark.
But as Kenyans waited in bated breath for the budgetary allocations and new tax measures set for implementation in the new financial year, the CS did not disappoint.
Among theÂ things that delighted netizens is the introduction of theÂ proposition of a newÂ law that will compelÂ firms to contribute up to Ksh5,000 for every employee towards National Housing Fund.
The directive by CS Rotich is in line with the Big FourÂ Agenda thatÂ that targets affordable housing as a key pillar of the Jubilee administration.
Besides, the treasury revealed plans toÂ repeal the interest rate capping citing that it has failedÂ to ease access to credit.
In its place, the CS indicated that he will soonÂ table a new Bill that will ease lending and also help reignÂ inÂ rogue lenders who are on an uncontrolled lending spree.
Another important development from the budgetÂ was the reduction in tax on renewable energy on which the CS declared 100% tax waiver on the importation of materials and equipment used to manufacture energy saving stoves.
Treasury furtherÂ allocated Ksh400 million for the establishment of the Cancer Institute which is set to combat the alarming cancer menace.
Besides, the CS move to allocateÂ Ksh91billion to universities and Ksh16 billion to technical institutions was equally received positively by a majority of Kenyans.
“Despite the need to reduce the fiscal deficit, we have, in addition to funding “The Big Four” Agenda, sustained the prioritization of resources to Pro-Poor Programmes in social protection, education, health, food security and disaster risk mitigation measures,” the CS noted.
However, Kenyans continued raising concern over the increasingly frequent scandals and high corruption within government institutions.
Here are some of the reactions following the presentation of the 2018/2019 budget with tweeps expressing their support or displeasure with the budget:
800 Million for rehabilitation of Nairobi RiverÂ kwani inatolewa maji yenye iko alafu iwekwe ya KERINGET#BudgetKE2018
â€” coleter kims (@ColeterK) June 14, 2018
I am happy with most parts of the budget especially the reduction in tax on renewable energy. Going green is the right path #BudgetKE2018
â€” maren (@wyclffmaren) June 14, 2018
Bad news! All these taxes that we shall pay in the new Budget will be NYSed. #BudgetKE2018
â€” Yoyocial (@yoyocial) June 14, 2018
#BudgetKE2018 I have heard about a budgetary allocation to develop talent? Such an allocation has been done before. What is this talent and who knows a beneficiary?
â€” Rose Wanjiku (@Wanjyku) June 14, 201
2.9B for EACC like seriously what have they done with what was allocated last year how I wish this money was allocated to solai victims #BudgetKE2018
â€” giddy (@giddy_mwaniks) June 14, 2018
2.9B for EACC yet corruption money is never recovered #BudgetKE2018
â€” Doryn Marl (@DorynMarl) June 14, 2018
â€” harry kimosh (@Harrykimosin) June 14, 2018