NAIROBI, Kenya Jul 1 – President Uhuru Kenyatta on Thursday signed into law the Appropriation Bill, 2021, which facilitates expenditure of the gross total budget of Sh1.9 trillion for the National Executive, Parliament, and the Judiciary.
The allocation comprises a total of Sh1.2 trillion for recurrent expenditure and a total of Sh668.37 billion for development expenditure.
The Head of State also assented to the Finance Act, 2021 which introduces amendments to various tax-related Acts of Parliament as well as other related statutes in the public finance sector; including the Insurance Act, the Capital Markets Act, the Retirement Benefits Act, the Central Depositories Act, and the Stamp Duty Act.
State House Spokesperson Kanze Dena explained that legislative interventions are expected to boost the ease of doing business for enterprises both large and small, facilitate expeditious and enhanced revenue collection, and support more effective service delivery and expedited implementation of programmes that continue to make a difference in the lives of all Kenyans.
“With the Presidential Assent of these critical legislative instruments that anchor the Financial Year 2021/22 Budget, Kenya’s public finance sector is on a stronger foundation to spur economic growth, fund critical development projects within the Big Four Agenda and other seminal initiatives,” she said.
Other Bills which were enacted by the Head of State who is in France on official duty, include the Second Supplementary Appropriation Act, 2021 and County Allocation of Revenue Act.
The Second Supplementary Appropriation 2 of FY 2020/2021 achieves a net reduction of Sh8.1 billion; which comprises a reduction of Sh16.6 Billion for recurrent expenditure and an increment of Sh8.4 billion for development expenditure.