State raises Sh66 billion from parastatals for budget

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KPA joined Kenya Pipeline Company which has returned Sh5billion and the Kenya Airports Authority (KAA) remitted Sh12 billion. Under the latest initiative, the Treasury has directed parastatals to stop re-directing surplus funds to projects before they get approvals. This follows regulations published in 2018 that demand parastatals to remit reasonable returns to shareholders. Regulators, on the other hand, are required to remit 90 per cent of their net surplus.For More of This and Other Stories, Grab Your Copy of the Standard Newspaper.
President Uhuru Kenyatta ordered parastatals to surrender surplus cash to the Treasury, as the government looks for ways to finance its development projects and pay debts that have now gone through the ceiling.Do not miss out on the latest news. Join the Standard Digital Telegram channel HERE.