By Grace Gilo
President Ruto has assented to the Division of Revenue (Amendment) Bill, 2024, the Rating Bill 2022, and the Water (Amendment) Bill, 2024, at State House Nairobi.
The Division of Revenue (Amendment) Act, 2024, allocates KSh387 billion as the equitable share of revenue to counties for the fiscal year 2024/2025.
Initially, an allocation of KSh400 billion was proposed for this equitable share; however, this amount was subsequently reduced to KSh380 billion following the retraction of the Finance Bill.
“Ultimately, an agreement was reached between the National Assembly and the Senate, resulting in the allocation of KSh387 billion to counties, which constitutes 24.67 percent of the latest audited revenue accounts,” stated the President on X.
This figure significantly exceeds the constitutional minimum requirement of 15 percent. Additionally, the Act designates KSh2.2 trillion for the National Government.
“The National Rating Act, 2024, establishes a standardized framework for property valuation and rating, providing explicit guidelines for counties on assessing property values and determining rates,” said the President.
“The Water (Amendment) Act, 2024, provides for public-private partnerships in financing the development of water works by National Government agencies,” added the Head of State.