President William Ruto has signed three Bills into law.
In the event that happened at State House, Nairobi on Wednesday, December 4, 2024, President Ruto assented to Revenue (Amendment) Bill, 2024, the Rating Bill 2022, and the Water (Amendment) Bill, 2024.
Taking to his official X account shortly after signing the Bills into law, President Ruto provided a brief explanation of what the Bills that have now become Acts, entail.
For instance, the Head of State explained that the Division of Revenue (Amendment) Act, 2024, provides Ksh387 billion as equitable share of revenue to counties for the financial year 2024/2025, as opposed to the Ksh400 billion that had been allocated in the rejected Finance Bill, 2024.
“This morning at State House, Nairobi, assented to the Division of Revenue (Amendment) Bill, 2024, the Rating Bill 2022, and the Water (Amendment) Bill, 2024. In brief, the Division of Revenue (Amendment) Act, 2024, provides KSh387 billion as equitable share of revenue to counties for the financial year 2024/2025. Initially, the Finance Bill, 2024, had allocated KSh400 billion as equitable share of revenue to counties, but the Bill’s rejection forced the figure to be reviewed downwards to KSh380 billion,” Ruto stated.
Ruto on MPs and Senate agreement
The head of state went ahead to note that the National Assembly and the Senate had eventually struck an agreement at Ksh387 billion for counties, representing 24.67 per cent of the most recent audited revenue.
“Eventually the National Assembly and the Senate struck an agreement at KSh387 billion for counties, representing 24.67 per cent of the most recent audited revenue. This is way above the 15 per cent minimum threshold constitutional requirement. The Act has allocated KSh2.2 trillion to the National Government,” Ruto stated.
On the Rating Act, 2024, President Ruto explained that it would create a standard framework for valuation and rating, and clear guidelines for counties on how to assess property values and impose rates, among others.
The Water (Amendment) Act, 2024, provides for Public Private Partnerships in financing the development of water works by the National Government Agencies.
Assented to the Division of Revenue (Amendment) Bill, 2024, the Rating Bill 2022, and the Water (Amendment) Bill, 2024, State House Nairobi.
— William Samoei Ruto, PhD (@WilliamsRuto) December 4, 2024
The Division of Revenue (Amendment) Act, 2024, provides KSh387 billion as equitable share of revenue to counties for the financial year… pic.twitter.com/mMVHRbK2uu
