President William Ruto on Thursday assented to the Division of Revenue Bill (National Assembly Bill No.9 of 2023) that will see counties get more funds.
The assent to the Bill will now see county allocations increase from sh370 billion to sh385.4 billion, an increase of sh15.4 billion.
To reduce development imbalances in the country, the Equalisation Fund was allocated sh8.3 Billion.
This is an increase of sh1.2 Billion from the current financial year’s allocation of sh7.1 Billion.
In the new development, the devolved units will also be allocated a further sh11.1 Billion as additional allocations from the National Government’s revenue share.
Moreover, they will receive Sh33.2 Billion as additional allocations from proceeds of loans and grants.
Thursday’s enactment at State House paves the way for preparing the annual expenditure estimates for the 2023/2024 financial year.
The bill, published by Budget and Appropriations Committee Chairman Ndindi Nyoro on March 20, 2023, was passed by the National Assembly, and subsequently approved by the Senate as required by the Constitution.