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{
"id": 1370171,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1370171/?format=api",
"text_counter": 253,
"type": "speech",
"speaker_name": "Molo, UDA",
"speaker_title": "Hon. Kuria Kimani",
"speaker": null,
"content": "During the period, the total funding for fuel subsidies and stabilisation amounted to Ksh169,897,737,529.90 broken down as follows: 1. For Financial Year 2020/21, money withdrawn from the Petroleum Development Levy was Ksh1.6 billion and zero shillings from the Exchequer. 2. For the Financial Year 2021/22, a total of Ksh22,112,877,759.25 was withdrawn from the Petroleum Development Levy, while Ksh56,039,440,896.15 was withdrawn from the Exchequer. 3. For the Financial Year 2022/23, Ksh20,360,000,000 was paid from the Petroleum Development Levy and Ksh42,715,003,623.70 was withdrawn from the Exchequer. 4. For the Financial Year 2023/24, a total of Ksh27,070,415,260.80 was withdrawn from the Petroleum Development Levy and zero shillings from the Exchequer. Consequently, for the Financial Years 2020/21, 2021/22, 2022/23 and 2023/24, the withdrawals from the Petroleum Development Levy are Ksh71,143,293,020.05, whereas Ksh98,754,404,509.85 was withdrawn from the Exchequer for payment of subsidies. The details of the entities that were paid the subsidies from the Exchequer and the Petroleum Development Fund are contained in Appendix 1 in the Statement, which I am going to table. This, therefore, means that as at 2nd June 2023, there was an outstanding balance of Ksh45.8 billion that was supposed to be paid for subsidies incurred in the Financial Years 2021/22 and 2022/23. Consequently, the National Treasury decided to securitise the Ksh45.8 billion by issuing a Treasury Bond. This Statement bears the informational truth about the use of fuel subsidy vis-a-vis the fuel subsidisation fund. The fuel subsidisation funds were being drawn from the Petroleum Development Fund as stipulated in the Petroleum Development Fund Act, as revised in 2006, whereas the subsidies were being made from the Exchequer. This led to a total outstanding bill of Ksh45.8 billion, which the National Treasury has already cured by issuing a Treasury Bond to that effect. Hon. Temporary Speaker, I beg to lay the Statement. Hopefully, this clears the air on whether the Government of Kenya is embarking on subsidies. What the Government of Kenya is doing is price stabilisation using the funds that Kenyans pay into the Petroleum Development Fund whenever they buy petrol."
}