Treasury bursts local borrowing target by Sh49bn on tax shortfall

The Treasury last month surpassed its annual domestic borrowing target by Sh49.2 billion to plug revenue shortfalls as tax collections continued to fall below targets, newly released data show.

Net domestic borrowing hit Sh446.6 billion in May - one month before the end of the fiscal year - against the annual target of Sh397 billion, according to the latest official data.