Budget 2025: Kenya targets growth, reality suggests economic headwinds

National Treasury cabinet secretary John Mbadi during presentation dividend payout cheque by  Kengen of three billion twenty five thousand six hundred and fifty seven  to the National Treasury at stima plaza, Nairobi on 12th March 2025 [David Gichuru, Standard]

As Kenyans emerge this week from a fairly quiet and low-key Easter break amid challenging social and economic times, the final stretch of our budget preparation process is now in full swing. At the national government level, April 30, marks the deadline for submission to Parliament of the detailed 2025/26 Budget Estimates, with similar submissions due to County Assemblies at the devolved level.

Kenyans should view the coming month of May as a valuable opportunity for public participation and civic engagement on these budget estimates, ahead of the formal presentation of national and county Budget Statements by the respective Finance Ministers (CS Treasury and CECs Finance) in mid-June 2025. And it’s not just about spending; May also offers citizens a chance to engage with the revenue side of the budget—through both national and county Finance Bills, as well as actual revenue estimates.

This moment could also serve as an opportunity to explore the third piece of our fiscal puzzle—debt. Not the mumbo-jumbo of debt sustainability and the Medium-Term Debt Management Strategy, but meaningful dialogues around debt service (past and existing loans) and new borrowing (new loans as future taxes).