President William Ruto on Monday, June 10 assented the Division of Revenue Bill and the Supplementary Appropriation Bill into law.
In a statement via X, Ruto said the Supplementary Appropriation Act will unlock resources for catalyzing economic performance and enhance service delivery.
“It allocates more resources to development, university and secondary education. Importantly, the Bill reduces the overall budget by Sh132 billion, signaling our commitment to reducing deficits and debt accumulation,” Ruto stated.
The Supplementary Appropriation Act 2024 now reduces Sh32.6 billion from various budget allocations.
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The act which was sponsored by Kiharu Member of Parliament Ndindi Nyoro will see issuance of an additional Sh 102.3 billion out of the Consolidated Fund towards various government departments.
The education budget has been enhanced, with university education receiving Sh4.468 billion and secondary education KSh1.112 billion.
Development spending has also been redirected to priority areas and reduced by Sh75.29 billion, while KSh51.12 billion has been allocated for emerging pressing needs.
Furthermore, Sh11.4 billion has been set aside for the Kenya Revenue Authority to enhance revenue collection efforts and pay pending bills worth KSh7.4 billion.
In addition, Sh2 billion has been allocated to take care of the medical insurance for the National Police Service.
The Division of Revenue Bill, on the other hand, seeks to increase the sharing of revenue to counties in the Financial Year 2024/25.
The bill allocates Sh400 billion to counties while the national government will get Sh2.5 trillion out of Sh2.9 trillion. This is an increase from the Sh385 billion allocated to counties in the 2023/2024 financial year.
“We have not only met the constitutional requirement of 15 percent but also increased it to 25 percent," Ruto stated.
The Bill was first read in the National Assembly on 12 March 2024 and passed by the House on 20 March 2024 before being sent to the Senate.
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