Housing Receives Sh21 Billion in Revised Government Budget
The housing department, which is responsible for delivering the affordable housing units for Kenyans, was the greatest beneficiary of the enactment of the Supplementary Appropriation Bill No. 2 of 2018.
President Uhuru Kenyatta yesterday signed the bill into law, effectively authorizing the National Treasury to issue Ksh47,254,066,048 from the Consolidated Fund for the provision of various government services.
“The allocations in the new law reflect a significant reduction from what was allocated in the last financial year which is in line with the ongoing austerity measures aimed at cutting down Government expenditure,” read a statement from State House.
The new law will reorganize the Jubilee government’s spending plans as part of its austerity measures ahead of 2022 when the second term ends.
The housing department will receive Sh21 billion from the new budget to steer the affordable housing project. The development comes just days after the cabinet authorized formation of guidelines for delivery of affordable housing projects. The guidelines will regulate the participation of investors, contributors, and beneficiaries of the project.
The standards set by the guidelines are also expected to ensure that the one million low-cost homes, as promised by President Kenyatta, are viably financed, designed, and valued. Kenyans, are, however, expected to get finer details of the guidelines by the end of the week.
Despite the reduction in budget allocation, the government has insisted on its commitment to bridge the housing deficit that currently stands at 1.85 million units.
Other beneficiaries of the reorganized budget spend include the Wildlife department that will receive Sh873 million as well as the tourism department that will get 2 billion. The President directed the Treasury to give the Public World ministry Sh1.9 billion and another Sh1.5 billion to the Judiciary.
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