Billion-Shilling Allocation for Hustler Fund
In a move aimed at addressing the country’s emerging priorities and emergencies, the Kenyan government has tabled its first supplementary budget. Among the biggest beneficiaries of the new budget are the Hustler Fund, President William Ruto, Deputy Rigathi Gachagua, and the National Treasury. The Hustler Fund has been allocated a whopping Sh12 billion, a significant increase from the initial allocation of Sh2.3 billion for the State Department of Cooperatives.
Up to 18 Million Kenyans Registered with the Hustler Fund
President Ruto gave an update on the Hustler Fund last Friday, announcing that 18 million Kenyans have registered for the program. Of this number, 15 million have borrowed money, while 800,000 have defaulted on their loans. The President also stated that 14.2 million Kenyans are regularly servicing their loans and the fund has so far dispatched Sh17 billion to its borrowers. Over the last two months, members of the fund have also saved Sh850 million.
Reallocations and Cuts to Various Ministries
Treasury Cabinet Secretary Njuguna Ndungu explained that the allocations were agreed upon due to emerging priorities and emergencies, including the current drought in the country. As a result, the State Department for Arid and Semi-Arid Lands received an additional Sh6.3 billion, bringing its allocation from Sh10.4 billion to Sh16.7 billion. On the other hand, some ministries have seen their budgets undergo cuts, including the Ministry of Water and Sanitation, whose allocation has been reduced from Sh83.9 billion to Sh59.7 billion.
Important Allocations for Key Institutions
The Executive Office of the President has been allocated Sh200 million for the construction and refurbishment of the State House. For the implementation of urgent services, the Office of the Deputy President has been allocated Sh264.3 billion. The Teachers Service Commission will receive Sh6.3 billion for the recruitment of an additional 30,000 teachers, while the Judiciary has been allocated Sh2.8 billion. An additional Sh3.6 billion has been given to the Social Protection department for food relief.
In conclusion, the new supplementary budget is aimed at addressing emerging priorities and emergencies and providing additional funding to key institutions in Kenya. The allocation to the Hustler Fund and the various reallocations and cuts to various ministries will undoubtedly have a significant impact on the country’s economy and the lives of Kenyans.