NAIROBI-The County Equitable Share has increased by Sh15.4 Billion. This means that Counties will receive Sh385.4 Billion in the 2023/2024 financial year as compared to the current’s Sh370 Billion.
The new figure is equivalent to 23 per cent of the accounts of revenue for 2019/2020-the most recent audited approved by the National Assembly.
The move follows assenting to the Division of Revenue Bill (National Assembly Bill No. 9 of 2023) by President William Ruto.
To reduce development imbalances in the country, the Equalization Fund was allocated Sh8.3 Billion.This is an increase of Sh1.2 Billion from the current financial year’s allocation of Sh7.1 Billion.
In the new development, the devolved units will also be allocated a further Sh11.1 Billion as additional allocations from the National Government share of revenue.
Moreover, they will receive Sh33.2 Billion as additional allocations from proceeds of loans and grants.Thursday’s enactment at State House paves the way for the preparation of the annual expenditure estimates for the 2023/2024 financial year.
The move follows assenting to the Division of Revenue Bill (National Assembly Bill No. 9 of 2023) by President William Ruto.
To reduce development imbalances in the country, the Equalization Fund was allocated Sh8.3 Billion.This is an increase of Sh1.2 Billion from the current financial year’s allocation of Sh7.1 Billion.
In the new development, the devolved units will also be allocated a further Sh11.1 Billion as additional allocations from the National Government share of revenue.
Moreover, they will receive Sh33.2 Billion as additional allocations from proceeds of loans and grants.Thursday’s enactment at State House paves the way for the preparation of the annual expenditure estimates for the 2023/2024 financial year.