Wednesday, July 17, 2024
HomeEntertainmentRUTO ANNOUNCES AUSTERITY MEASURES TO CUT GOVERNMENT SPENDING

RUTO ANNOUNCES AUSTERITY MEASURES TO CUT GOVERNMENT SPENDING

President William Ruto has announced a series of austerity measures aimed at reducing government spending across all branches of government.

He was speaking in a press briefing on Wednesday after refusing to sign the Finance Bill 2024 into law. Ruto stated that the austerity measures will include cuts in operational expenses within the Presidency.

Key areas for reduction include travel budgets, hospitality, vehicle purchases, and renovations.

“I direct immediate further austerity measures to reduce expenditure, starting with the Executive Office of the President,” Ruto stated.

He also stressed the need to cut funds for items like the confidential vote, usually allocated for secret or sensitive spending. This spending is not disclosed to th public.

The President urged Parliament, the Judiciary, and County Governments to make similar budget cuts with the National Treasury.

“I propose that equally, Parliament, the Judiciary, and County Governments, working with the National Treasury, also undertake budget cuts and austerity measures to ensure that we do what I have always advocated for living within our means,” said Ruto.

Ruto also highlighted the importance of engaging with young people on managing the country’s budget deficit.

“It is necessary for us to have a conversation as a nation going forward on how we will manage the affairs of the country with the existing budget deficit. I will engage young people, listen to their views, proposals, ideas, and concerns,” he said.

Excessive Government Spending

image 34 1
President Ruto announces austerity measures to cut government spending

In the 2024/2025 financial year, the National Treasury allocated Ksh9.4 billion for State House operations and development, with the Office of the President receiving Ksh5.1 billion. Specific allocations include Ksh35 million for Sagana State Lodge, Ksh125 million for Eldoret State Lodge, Ksh14.9 million for Kisumu State Lodge, Ksh15 million for Kakamega State Lodge, and Ksh19 million for Kisii State Lodge.

READ ALSO  Comedy Central announces the all-star voice cast of Chris Rock’s reimagined series Everybody Still Hates Chris

These austerity measures are part of a plan to manage the government’s finances prudently and ensure spending aligns with available resources.

Ruto thanked the National Assembly members who voted for the Finance Bill 2024 and acknowledged their efforts to include public input.

“I am grateful to all the members of the National Assembly who voted yesterday affirmatively for the Finance Bill 2024 as amended on the floor of the House to incorporate the views generated in the public participation process,” Ruto added.

By Vivian K.

YOU MAY ALSO LIKE
- Advertisment -

RECENT POSTS

- Advertisment -
- Advertisment -