THE NATIONAL TREASURY KENYA
The National Treasury derives its mandate from the Constitution 2010, the Public Management Act 2012 and the Executive Order No.2/2013.
The core functions of the National Treasury as derived from the above legal provisions include;-
- Formulate, implement and monitor macro-economic policies involving expenditure and revenue;
- Manage the level and composition of national public debt, national guarantees and other financial obligations of national government;
- Formulate, evaluate and promote economic and financial policies that facilitate social and economic development in conjunction with other national government entities;
- Mobilize domestic and external resources for financing national and county government budgetary requirements;
- Design and prescribe an efficient financial management system for the national and county governments to ensure transparent financial management and standard financial reporting.
- In consultation with the Accounting Standards Board, ensure that uniform accounting standards are applied by the national government and its entities;
- Develop policy for the establishment, management, operation and winding up of public funds;
- Prepare the annual Division of Revenue Bill and the County Allocation of Revenue Bill;
- Strengthen financial and fiscal relations between the national government and county governments and encourage support for county governments and
- Assist county governments to develop their capacity for efficient, effective and transparent financial management.
- To prepare the National Budget, execute/implement and control approved budgetary resources to MDAs and other Government agencies/entities.
CS Ukur Yatani Kanacho
On 24 July 2019 President Uhuru Kenyatta appointed Yatani as the Cabinet Secretary for Treasury on Acting capacity. He was confirmed as the Cabinet Secretary of Finance on 24 January 2020.
Yatani Holds a Bachelor of Arts in Economics and Sociology from Egerton University (1991) and a Master of Public Administration and Public Policy degree from the University of York in the UK.
- The National Treasury
Harambee Avenue, Treasury Building,
P.O Box 30007-00100
Tel. +254 20 2252299
- National Treasury Website
Social Media Links
Parliament plays a critical role as a legislative body in approving the laws that govern the legal operations in different sectors of the economy. Lately, the Senate is also recognized as an endorsing body to the acts passed in parliament. The two legislative houses have to consent before an Act is accepted as law or a statute as stipulated in the Constitution of Kenya 2010.
Therefore, it is prudent to state that, an Act is a law passed by both Houses; – Parliament, and the Senate. The two legislative arms of government must assent to the statute before it is released for use.
For credibility and easy access, Acts are given a year and number. To achieve the primary legislation aspect, once an Act is formally enacted it can generally only be amended or repealed by another Act.
An act of Parliament passes through a legislative process of the; First Reading; Second Reading; and the Third Reading. The third reading occurs after the bill has been amended by the designated committee.
The granting of Presidential Assent is the formal method by which the Head of the Executive arm of government completes the legislative process by formally assenting or giving his consent to an Act of Parliament.
An Act of Parliament may provide that it will come into effect on a date to be notified. In such cases, the Act has received Presidential Assent, notification of the date of its coming into effect is given through a legal notice usually by the Minister for the time being in charge of the matters with which the Act is concerned.