Bankers oppose more powers for MPs as real estate investors welcome housing fund plan

The new draft law now says notes or coins issued by the central bank “may not bear the portrait of any individual” but can carry images that depict or symbolise Kenya or an aspect of Kenya.

It is envisaged that there may be misuse of taxpayer resources within some of the devolved regional governments.

In this regard, the Treasury in concert with the finance minister shall be empowered to protect taxpayers by stopping “the transfer of funds to a State organ or any other public body or entity only for a serious material breach, or persistent material breaches” of the law though this “may not stop the transfer of more than fifty per cent of funds due to any devolved government.”

This decision by the treasury is only enforceable for sixty days unless it is also subsequently approved by parliament.

In approving the stoppage of funds transfer, the house shall receive a report of the Controller of Budget and “the affected devolved government shall be informed of the material breach and be given an opportunity to answer the allegations before the relevant parliamentary committee.”