Finance Cabinet Sec John Mbadi addressing in a previous function
Cabinet Secretary for the National Treasury and Economic Planning, John Mbadi, will deliver the Budget Statement for the 2025/26 Fiscal Year on Thursday, June 12, 2025, at 3:00 p.m. According to a public notice issued by the National Treasury on Tuesday, June 3, 2025, the address will take place at the Parliament Buildings.
“The general public is hereby notified that the Cabinet Secretary for the National Treasury and Economic Planning will deliver the Budget Statement for the 2025/26 Financial Year on Thursday, June 12, 2025, at 3:00 p.m. in Parliament,” the notice stated.
READ Access Bank Finalizes NBK Takeover, Eyes Regional Growth
The notice comes in the wake of Cabinet Secretary John Mbadi’s recent announcement that the government will revise its 2025/26 budget proposal to account for lower than expected revenue and a tightening fiscal space, following a year marked by economic disruptions and missed targets.
In an interview with a local media outlet on May 23, 2025, Mbadi painted a sober picture of Kenya’s current economic situation, highlighting reduced revenue collection, failure to meet IMF conditions and mounting expenditure pressures as major challenges shaping the budget formulation process.
“This financial year, 2024/25, has been particularly difficult. You’ll recall the events of last year,we lost the Finance Bill which had significant consequences. We also shut down the economy for two to three months and that has lasting implications,” he said.
Mbadi disclosed that by the end of April 2025, the Kenya Revenue Authority (KRA) had collected Ksh2.12 trillion. As of May 20, 2025, the figure had increased to Ksh2.25 trillion. Based on these trends, the Treasury now projects that the fiscal year will close at approximately Ksh2.4 trillion well below the initial revenue targets.
“If you project forward, it’s evident that we may fall short of both the original and revised revenue targets, which have been adjusted several times due to ongoing economic uncertainty,” Mbadi explained.
ALSO READ Over 5,000 Firms Sue KRA Over VAT Portal Blacklisting
He also pointed to external factors contributing to the revenue shortfall. “There are global shocks, such as policy shifts in major economies. The IMF has downgraded the global economic outlook and our own GDP growth has underperformed relative to earlier forecasts.
Revenue collection has consistently fallen short, prompting us to closely monitor and reassess our economic standing. At this point, we have a clearer and more realistic picture of where we are,” he said.
