Specifically, NFA of the banking sector saw a net contraction of Rs 600 billion during July 1 to May 18, financial year 2017-18, capturing the monetary impact of external sector developments.
Despite a strong recovery in exports (year on year increase of 13.3 percent during July-April financial year 2017-18) and a moderate increase in workers' remittances (year-on-year growth of 3.9 percent), the growing imports to support higher economic activity and the sharp increase in oil prices have pushed the current account deficit to a higher level.
He stated that the total budget and budget variances for the Gambling Authority external trips and travel for the financial years 2016/2017, 2017/2018 and 2018/2019 stood at P630 217, P2 417 136 and P2 348 417 respectively.
As for the Gambling Authority risk and audit budget, Mr Goya said for the financial year 2016/2017 it was P270 837.
Mr Goya explained that the over expenditure under the Local Procurement for the financial year 2017/18 was due to the expenditure on hotels and accommodation outside the country.
Mr Goya clarified that the over expenditure in the 2016/2017 financial year was primarily due to the amount spent on training of new staff members at both the executive and general staff cadres.
He further said the over expenditure in the 2016/2017 financial year was due to the travel to conferences and expos by the board to sensitise them on the new license types that they would have to issue and regulate.
He stated that the over expenditure in 2017/2018 financial year was due to an under provision for external audit services.
Mr Goya explained that the over expenditure in the 2016/2017 financial year was due to under provision for staff recruitment, office relocation and utilities.
He said the over expenditure in the 2017/2018 financial year was due to an under provision for advertising, consultancy and professional fees as well as staff welfare and counseling services.
However, funding to the National Assembly has been cut to Sh31.7 billion from Sh36 billion this financial year
. Judiciary will receive almost one billion less next financial year
compared to the current Sh18 billion.