President Ruto Signs Finance Bill Into Law

It is the first Appropriations Bill under the Kenya Kwanza Government

Marvin Chege Marvin Chege
Jun 26, 2023 - 12:45 Updated: Jun 26, 2023 - 12:48
0
President Ruto Signs Finance Bill Into Law
President William Ruto signs Finance Bill 2023 into Law at State House, Nairobi on Monday, June 26, 2023. /PCS

President William Ruto on Monday, June 26 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 Ksh22.9 Billion from the Consolidated Fund.

This reduces overall expenditure by Ksh25.5 Billion compared to the revised total National Government expenditure approved in the Supplementary Appropriations (No. 1), Act 2023.

President William Ruto signs Finance Bill 2023 into Law at State House, Nairobi on Monday, June 26, 2023. /PCS

The reduction comprises an increase in recurrent amounting to Ksh9.5 Billion and rationalisation of development spending by Ksh35 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 authorises 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 thorough assignment of 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.

The Finance Bill was heavily discussed across the country with both the government and the opposition expressing their strong views about it.

Azimio's Next Step After Finance Bill Is Passed

The bill was passed despite Azimio la Umoja's opposition to the bill and threats to return to the streets.

The opposition coalition announced at the presser that it will hold a public engagement forum on Tuesday, June 27, 2023, at Kamkunji Grounds in Nairobi to discuss the Finance Bill 2023 and the national budget, hours after the Finance Bill was passed in the National Assembly.

"We saw what happens when a rogue and uncaring Head of the Executive decides that the only thing that matters is his ego, fantasies, corruption, and cronies' agenda.

"We also learnt the hard way that this illegitimate regime can ignore the people, their feelings, fears, circumstances, hopes and aspirations and force its agenda on them. That is what Ruto and his Kenya Kwanza followers did with the passage of the Finance Bill, 2023. Ignoring the wishes of a majority of Kenyans signals the era of dictatorship. Kenyans beware," NARC Kenya party leader, Martha Karua, stated.

Azimio la Umoja leadership alongside Martha Karua during a presser on June 22, 2023. /FILE