Nairobi — President William Ruto has assented the Division of Revenue Bill,2024,which paves way for the submission of financial estimates for the financial year 2024/2025.

For the 2024/25 financial year, the total shareable revenue was Sh2.9 trillion.

The National Government is set to receive Sh2.5 trillion which shall be utilized to fund the recurrent and development expenditure.

Devolved units have been allocated Sh400 billion as equitable share of revenue.

Counties will receive an additional Sh14.6 billion to county governments as they received an allocation of Sh385.4 billion in the last financial year.

"The increase in allocation to county governments is intended to boost the provision of services to the people of Kenya by ensuring that the county governments are adequately funded," the President stated during the ceremony.

The Bill provides for an allocation of Kshs.7.8 Billion to the Equalization Fund, equivalent to 0.5 percent of the last audited revenue.

"The funds shall be utilised to provide basic services including water, roads, health facilities and electricity to marginalized areas to the extent necessary to bring the quality of those services," he said.

The enactment of the Division of Revenue Bill paves way for the introduction and consideration of the Appropriation Bill by the National Assembly.

The Bill provides for the funding of the national government, Parliament and Judiciary.

It will also give way for Parliament to conclude on the County Allocation of Revenue Bill, 2024 which is pending Second Reading at the Senate.

The Bill shall divide the equitable share of revenue of Sh400,116,788,147 among the 47 counties.