On Wednesday, President William Ruto signed three significant Bills into law at a ceremony held at State House, Nairobi.
The President approved the Division of Revenue (Amendment) Bill, 2024, the National Rating Bill, 2022, and the Water (Amendment) Bill, 2024.
The Division of Revenue (Amendment) Act, 2024 allocates KSh387 billion to counties for the 2024/2025 financial year, exceeding the 15% minimum constitutional requirement for county funding.
Originally, counties were set to receive KSh400 billion, but this figure was reduced to KSh380 billion after the Finance Bill’s withdrawal. After discussions, the National Assembly and the Senate agreed on the final allocation, which represents 24.67% of the most recent audited revenue accounts.
This allocation marks a KSh2 billion increase over the KSh385 billion allocated to counties in the 2023/2024 financial year. The Act also sets aside KSh2.2 trillion for the National Government.
Meanwhile, the National Rating Act, 2024 establishes a clear framework for property valuation and rating, providing counties with guidelines on assessing property values and setting rates.
The Water (Amendment) Act, 2024 on the other hand encourages public-private partnerships to finance water infrastructure projects by National Government agencies, promoting collaboration in the water sector.
