The government has raised its borrowing target for the current financial year by Sh168 billion on projection of lower tax collection that has seen ordinary revenue forecast revised down by Sh210 billion.
The Treasury projects poor revenue performance during the year that ends June 2024, following a weaker start during the first five months of the financial year, when the Kenya Revenue Authority (KRA) collected just 34.6 percent of its 2023/24 revenue targets. This was down from a 40 percent collection rate during a similar period in 2022/23.
