advertisement
Economy

Eyes on Uhuru as deadline looms for key Budget Bills

Ukur Yatani
Treasury Secretary Ukur Yatani during June 11 budget reading. FILE PHOTO | NMG 

President Uhuru Kenyatta has until midnight to sign two crucial financial Bills to enable the government finance and execute the Sh2.79 trillion Budget for the 2020/21 financial year.

The Budget was read on June 11.

The Finance Bill 2020, and the Appropriations Bill 2020, were passed by the National Assembly last week ahead of the June 30 deadline and have already been submitted for presidential assent.

If the President fails to sign the Bills into law or refer them back to the National Assembly with a memorandum detailing areas for their consideration by midnight today, they will be deemed to have become laws by operation of Article 115 (6) of the Constitution.

The Finance Act details revenue collection measures by the executive, which includes taxation so as to finance the national budget.

advertisement

The Appropriations Act gives the Executive the legal powers to withdraw funds from the Consolidated Fund so as to finance government operations as appropriated by the National Assembly.

Other than the two Bills, the President also has up to midnight to assent to the Third Supplementary Appropriations Bill 2020, to regularise the Sh11.89 billion Supplementary III estimates for the 2019/20 financial year tabled in the House last week.

advertisement