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President Ruto signs Finance Bill 2023 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 Ksh22.9 Billion from the Consolidated Fund.

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This results in the reduction of overall expenditure by Ksh25.5 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 Ksh9.5 Billion and rationalisation of development spending by Ksh35 Billion.

The scaling down in spending is in line 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 through 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.

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