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Tuesday, June 18, 2024

President Ruto Enacts Division of Revenue Bill

President William Ruto has signed the Division of Revenue Bill, 2024, paving the way for the submission of financial estimates for the 2024/2025 fiscal year.

For the 2024/25 fiscal year, the total shareable revenue is set at Kes.2.9 trillion.

The National Government will receive Kes.2.5 trillion to fund recurrent and development expenditures.

Devolved units have been allocated Kes.400 billion as their equitable share of revenue.

Counties will receive an additional Kes.14.6 billion, up from the Kes.385.4 billion allocated in the last fiscal year.

“The increase in allocation to county governments aims to enhance service provision by ensuring adequate funding,” President Ruto stated during the ceremony.

The Bill allocates Kes..7.8 billion to the Equalization Fund, equivalent to 0.5 percent of the last audited revenue.

“These funds will be used to provide basic services, including water, roads, health facilities, and electricity, to marginalized areas to improve service quality,” he said.

The enactment of the Division of Revenue Bill allows for the introduction and consideration of the Appropriation Bill by the National Assembly.

The Bill provides funding for the national government, Parliament, and the Judiciary.

It also enables Parliament to conclude the County Allocation of Revenue Bill, 2024, which is pending its Second Reading in the Senate.

The Bill will divide the equitable share of Kes.400,116,788,147 among the 47 counties.

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