The recent admission by Treasury CS, Njuguna Ndung'u that Kenya was facing a cash crunch is not very good news for the country. It is an admission that the Treasury is yet to devise a winning formula for prudent management of public finances.
One of the hallmarks of a country’s financial independence is its fiscal stability. Kenya’s tax policy is operationalised through the annual national budgets, which are financed from domestic and external resources. The Constitution of Kenya 2010, transferred the responsibility of budget-making from the National Treasury to the National Assembly.
