President Ruto assents to Finance Bill 2023 and Appropriations Bill 2023

President William Ruto assents to the Finance Bill 2023 at State House in Nairobi./STATEHOUSE

The Finance Bill 2023 has been signed into law.

President William Ruto on Monday assented to the Finance Bill, 2023 and the Appropriations Bill, 2023 at State House, Nairobi.

He also approved the Supplementary Appropriations (No. 2) Bill, 2023 warranting the additional spending by the National Government of Sh22.9 Billion from the Consolidated Fund.

These results in the reduction of overall expenditure by Sh25.5 Billion compared to the revised total National Government expenditure approved in the Supplementary Appropriations (No. 1), Act 2023.

The reduction comprises an increase in recurrent amounting to Sh9.5 Billion and rationalization of development spending by Sh35 Billion.

The scaling down in spending aligns with the Government’s fiscal consolidation efforts in the light of debt servicing payments.

The Appropriations Bill, 2023 authorizes the withdrawal of money from the Consolidated Fund for the expenditure of the National Government.

It is the first Appropriations Bill under the Kenya Kwanza Government and, therefore, seeks to align its Manifesto and promises by assigning actual resources to meet various services and projects.

Present were Deputy President Rigathi Gachagua, Prime Cabinet Secretary Musalia Mudavadi, Speaker of the National Assembly Moses Wetang’ula, Speaker of the Senate Amason Kingi, Attorney General Justin Muturi, and a host of MPs led by Majority leader Kimani Ichung’wah.