Ruto assents to the Supplementary Appropriation and Division of Revenue Bill 2024
National
By
Mate Tongola
| Jun 10, 2024
]
President William Ruto has ascended to the Supplementary Appropriation Bill 2024 and the Division of Revenue Bill 2024.
Speaking after the exercise at State House, Nairobi, Ruto stated that the Bills will unlock resources for catalyzing economic performance and enhance the government’s service delivery to mwananchi.
After signing into law the Supplementary Appropriation Bill will release funds for government expenditure for the financial year that is ending June 30.
“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.
READ MORE
Behind-the-scenes rush as clock ticks for sale of Bamburi Cement
Pension industry seeks to flex its muscle in large State projects
Treasury goes for UAE loan as IMF cautions of debt situation
Traders claim closure of liquor stores, bars near schools punitive
Adani fallout is a lesson on accountability and transparency fight
Sustainable finance in focus for Kenyan banks as Co-op Bank feted
What forcing Google to sell Chrome could mean
How talent development is shaping Kenya's tech future
Street-style snappers reclaim the heart of Nairobi
Huawei, charity partners to empower women with digital skills in Kenya
According to Treasury, the Bill is intended to regularize Sh23.67 billion in expenditures under Article 223 of the Constitution, including those granted for emergency interventions.
The Supplementary Appropriation Bill, 2024 seeks to authorize the issuance of Shs102,305,909,030 out of the Consolidated Fund and apply it towards the supply granted for the service of the year ending June 30, 2024.
The Supplementary Appropriation Bill (National Assembly Bill No. 32 of 2024) was sponsored by the Kiharu Member of Parliament Ndindi Nyoro who also doubles up as the Chairperson, the Budget & Appropriations Committee.
The Bill was passed in accordance with the House resolutions as contained in the adopted Report of the Budget and Appropriations Committee on the Second Supplementary Estimates for Fiscal Year 2023/24.
The Bill was considered and passed by the National Assembly on June 6, 2024, with amendments.