NAIROBI, Kenya, Nov 6 – Kenya has lost Sh50 billion in revenue collection due to the prolonged electioneering period.
This is after the Supreme Court nullified presidential election for August 8th and ordered a Fresh poll that was conducted on October 26th
This is according to the State Department for Planning Principal Secretary Irungu Nyakera, speaking on the current financial year who added that the just concluded 2017 election has been particularly painful to investors.
“With the election declaration (Monday), I do hope that we can all now allow Kenya to move on, pick itself up and heal the many wounds the elections has created by pitting friends, brothers, and neighbors against each other,” Nyakera said.
In the 2016/2017 financial year, KRA missed its target by a similar Sh50 billion, collecting Sh1.365 trillion compared to its target of Sh1.415 trillion.
In the 2017/2018 financial year, the Authority had targeted to collect Sh1.7 trillion to finance the Sh2.6 trillion budget for the country.
Kenya’s private sector has so far lost about Sh700 billion attributable to the elections.
Kenya Private Sector Alliance Vice Chairperson Patrick Obath last week said if the electioneering process is prolonged further, the economy will continue to hurt.
“This loss is only in the four months that the electioneering period was open,” Obath lamented.
President Uhuru Kenyatta won the second round of the presidential election with 98 percent as the main rival Raila Odinga boycotted the election.
Odinga has since called for an economic boycott which risks the country’s growth.