The Kenya Revenue Authority has surpassed its revenue target for the 2024/25 financial year, collecting Sh 2.572 trillion against a target of Sh 2.555 trillion.
The collections rose from Sh 2.407 trillion recorded in the previous year, with the authority linking the growth to a 4.7 per cent rise in Gross Domestic Product. "The revenue performance reflects prevailing economic indicators with notable growth in agriculture, financial services, transport and real estate," noted KRA in a statement on Thursday.
The authority explained that a stronger shilling, lower inflation and falling oil prices supported the economy despite global tariff wars and high lending rates. "The exchange rate of the Kenya shilling against the US dollar strengthened to an average of Sh 129.35 during the year from Sh 144.1 previously," observed KRA.
International oil prices dropped by 12.5 per cent, leading to lower local fuel prices by 11.8 per cent for petrol and 12.2 per cent for diesel.
