President William Ruto on Monday signed into law the Division of Revenue Bill, 2024, and the Supplementary Appropriation Bill, 2024.
These Bills, approved by both the National Assembly and the Senate, facilitate the allocation of revenue between the national and county governments and authorize the issuance of shs. 102 billion from the Consolidated Fund.
The Division of Revenue Bill allocates a total of sh. 2.9 trillion in shareable revenue, with sh. 2.5 trillion going to the National Government and sh. 400 billion to the counties.
This represents an increase from the sh. 385 billion allocated to counties in the 2023/2024 Financial Year.
Additionally, the Bill sets aside sh. 7.8 billion for the Equalization Fund to enhance basic services, including water, roads, healthcare, and electricity, in marginalized areas.
The Supplementary Appropriation Bill, introduced by Kiharu MP Ndindi Nyoro, authorizes the release of sh. 102.3 billion from the Consolidated Fund to support the fiscal year ending June 30, 2024.
This Bill regularizes sh. 23.67 billion in expenditures.
A significant portion of these funds will address the recent flood impacts in Kenya. Specifically, sh. 4.3 billion will support humanitarian aid for flood victims, sh. 1 billion will aid in the emergency rehabilitation of flood-damaged roads, and sh. 3 billion will be allocated for El Niño disaster management.
Furthermore, the budget includes allocations for the fertilizer subsidy program, the Kenya Revenue Authority to enhance revenue collection, and the National Police Service medical insurance.
Additional funds will be used for various emergency interventions, including El Niño flood responses and other critical needs.
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