FINANCE BILL 2023 ,APPROPRIATIONS BILL 2023 ENACTED

President William Ruto on Monday June 26, 2023 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 allowing the additional spending by the National Government of Sh22.9 Billion from the Consolidated Fund.

This, results in the 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 comprises an increase in recurrent amounting to Sh9.5 Billion and rationalization of development spending by Sh35 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 authorizes 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.