President Ruto Assents To The Supplementary Appropriation And Division Of Revenue Bill 2024
President William Ruto has assented to the Supplementary Appropriation Bill 2024 and the Division of Revenue Bill 2024 into law.
The Supplementary Appropriation Bill was discussed and passed in Parliament on June 5th, 2024 with amendments. The bill reallocates funds within the national budget for government expenditures for the financial year ending on June 30.
During the bill signing at State House, Nairobi, President Ruto remarked that the bill will unlock resources to enhance economic activity and improve the government's service delivery to citizens.
“It allocates more resources to the development, university, and secondary education. Importantly, the Bill reduces the overall budget by Sh132 billion, signaling our commitment to reducing deficits and debt accumulation,” he stated.
The Bill provides for the funding of the national government, Parliament and Judiciary. It will also give way for Parliament to conclude on the County Allocation of Revenue Bill, 2024 which is pending Second Reading at the Senate.
The National Government is set to receive Sh2.5 trillion which shall be utilized to fund the recurrent and development expenditure. Devolved units have been allocated Sh400 billion as equitable share of revenue.
Counties will receive an additional Sh14.6 billion, supplementing the Sh385.4 billion they were allocated in the previous financial year.
The Bill shall divide the equitable share of revenue of Sh400,116,788,147 among the 47 counties.
