The National Treasury is set to seek the approval of MPs to lift the budget for the fiscal year to June by Sh199.9 billion on the back of underperformance in tax collections, pointing to the likelihood of increased borrowing to cover the widening funding gap.
The Cabinet approved the proposed second supplementary budget estimates covering the 2024/25 fiscal year with the top-up set to lift overall expenditure and net lending for the period past the Sh4 trillion mark, up from Sh3.88 trillion currently.
