President Uhuru Kenyatta signs revenue allocation Bill into law

President Uhuru Kenyatta. PHOTO | FILE |  NATION MEDIA GROUP.

By PSCU
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President Uhuru Kenyatta has signed into law the 2015 Division of Revenue Bill and the Supplementary Appropriation Bill.

The Division of Revenue Act provides for the equitable division of revenue raised nationally between the national and county governments in the 2015/16 financial year.

The Act indicates that the total county allocations in the new financial year will be Sh287.04 billion, which translates to 37 per cent of the audited revenue.

The Supplementary Appropriation Act authorises the release of the sum of Sh50.464 billion from the Consolidated Fund for use by the government in fulfilling its financial obligations for the remaining part of the financial year that ends on June 30.

The Act indicates the amount each ministry has been allocated for recurrent and development expenditure for the remaining period of the financial year.

The Bills were presented to the President on Thursday evening for his signature by National Assembly Speaker Justin Muturi, who was accompanied by National Assembly Clerk Justin Bundi and Solicitor-General Njee Muturi.

National Treasury Cabinet Secretary Henry Rotich and Principal Secretary Kamau Thugge were also present at the event.