President Ruto signs Appropriations Bill 2024

President William Ruto has assented to the Appropriations Bill 2024 and instructed the National Treasury to immediately prepare supplementary estimates to reduce expenditure by the amount of revenue that was expected to be generated by the rejected Finance Bill 2024.

In a statement, the Head of State also sent the County Allocation of Revenue Bill back to Parliament for expenditure cuts.

“I have assented to the Appropriations Bill 2024 and instructed the National Treasury to immediately prepare supplementary estimates to reduce expenditure by the amount of revenue that was expected to be generated by the rejected Finance Bill 2024.“ He stated.

He said the reduction in expenditure, amounting to Ksh. 346 billion, will be borne equitably by both levels of government.

“With respect to the National Government,  the reduction will be borne by the executive, legislature, judiciary and constitutional Commissions.“ He added.

President Ruto further directed the National Treasury to immediately submit to Parliament amendments to the Division of Revenue Act 2024 to reflect the reduced revenues occasioned by the rejected Finance Bill.

Treasury was also instructed to direct all accounting officers to ensure that only critical and essential services are funded, using no more than 15pc of the budget, until the supplementary budget is approved.

The post President Ruto signs Appropriations Bill 2024 first appeared on KBC.