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Households and businesses woke up on the first day of 2023 to an estimated 15 per cent increase in the cost of electricity.
This is due to the cessation of multi-billion shilling subsidies in the energy sector. The Treasury had clearly captured the intent of the Ruto administration to end the subsidies in the Budget Review and Outlook paper for 2022/23 fiscal year.
This is in addition to the reinstatement of electronic money transfer charges and transaction taxes within the financial sector. The Central Bank waived these charges in response to Covid-19. This should however come as no surprise to anybody. It is a continuation of the cessation of various subsidies that had been instituted by the Uhuru Kenyatta administration.
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