Ruto Orders State Firms to Slash Budgets, Boost Dividends to Fund Infrastructure Upgrades
• President Ruto issued directives to make state corporations more efficient and reduce reliance on government funding
• Directed corporations to cut 2023/2024 recurrent budgets by 30% and commit 80% of profits to dividends
• Regulatory corporations must remit 90% of surplus funds based on latest audited accounts
• Corporations cannot purchase capital items for government agencies without Treasury approval
• Plans to sell at least 10 underperforming corporations to fund infrastructure upgrades and improve service delivery