President Ruto Grants Assent to Finance Bill 2023 and Appropriations Bill 2023

President William Ruto has given his official approval to the Finance Bill, 2023, and the Appropriations Bill, 2023, at State House, Nairobi. Additionally, he has granted approval for the Supplementary Appropriations (No. 2) Bill, 2023, enabling the National Government to spend an additional Sh22.9 Billion from the Consolidated Fund.

This move results in a 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 includes an increase in recurrent spending by Sh9.5 Billion and a rationalization of development spending by Sh35 Billion.

These measures align with the Government’s fiscal consolidation efforts, especially in light of debt servicing payments.

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

This marks the first Appropriations Bill under the Kenya Kwanza Government, aiming to allocate resources in line with the government’s manifesto and promises, to meet various services and projects.

The event witnessed the presence of 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 several Members of Parliament, led by Majority Leader Kimani Ichung’wah.