Low Revenue Collection is Impeding Local Development
Low revenue collection is impeding local development-CS Prof Ndung’u
The National Treasury and Economic Planning CS Prof. Njuguna Ndung’u has decried low domestic revenue collection saying it impedes economic growth.
The CS has said, revenue collection in form of taxation provides basis for growth and reliance on debt and borrowing on other People’s savings will not yield tangible development.
The CS spoke at a Mombasa hotel during a Joint Retreat between members of the Finance, Public Debt and Budget Committees of the National Assembly and officials from the National Treasury and Economic Planning.
Prof. Ndung’u said low saving leads to borrowing and underscored the significance of domestic resource mobilization through savings as the way to economic transformation.
During the session, Members of Parliament drawn from the committees were briefed on public debt management and public investment and portfolio management.
Chairperson for the Public Debt and Privatization Committee Hon. Abdi Shurie said the session gave opportunity for Members of Parliament to get valuable information for their oversight activities.
Among key issues covered include the fiscal deficit for Financial Year 2023/24 which currently stands at Kshs. 718.9 billion, and how the deficit will be financed through borrowing from external and domestic sources.
Treasury PS Dr. Chris Kiptoo said a committee is being set up to verify pending bills to clean up the system moving forward, and county government will not be allowed to make new commitments without clearing existing debts.
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