TARDA PARTICIPATES IN HIGH-LEVEL MEETING AT STATE HOUSE
This morning H.E. President Dr. William Ruto, C.G.H, William Samoei Ruto convened a critical consultative meeting bringing together chairs and CEOs of State Corporations at State House. The Tana and Athi Rivers Development Authority was represented by Chairman Mr. Patrick Gichohi and Managing Director Mr. Liban Roba at the meeting whose highlights included:
- Government has initiated fiscal austerity measures and budget rationalization in view of directing resources to priority areas (food security, job creation & health reforms);
- Over 63% of Public revenue is applied in servicing debt; this is not sustainable and the National Treasury is under instruction working towards a national balanced budget in 3 years;
- SCs obliged to implement measures that seek to enhance own revenue, contain expenditure escalation, boost dividend payout to GoK, invest in priority projects & minimise surplus diversion;
- Enhance non-tax revenue, reduce reliance on Exchequer and cut down on recurrent expenditure;
The Resulting Presidential Directives from the Meeting included;
- All State Corporations to rationalize the proposed recurrent budget for 2024/2025 by 30% based on 2023/2024 approved budget;
- All Commercial State Corporations to commit 80% of profit after tax to the payment of dividend, leaving 20% thereof as retained earnings in a move to be effected in 2024/25 FY;
- All regulatory state Corporations must remit 90% of surplus funds as per their last audited accounts;
- No money received in excess of the approved recurrent revenue budget shall be utilised without the approval of The National Treasury;
- No State Corporation shall fund or purchase any capital item for or on behalf of MDAs; and
- State Corporations shall be required to provide accurate and up to date information on all government digital platforms like GIMIS, E-Citizen and others.
As an Authority TARDA aligns with these directives and is keen on contributing to national development initiatives!
