PREMIUM Why MPs want Budget boss to oversight Housing evy billions Up to Sh6 billion is realised every month from Kenyans in housing levy deductions. News Just now
The National Assembly Constitutional Implementation Oversight Committee (CIOC), in a report to the House, says that amendments to the Public Finance Management (PFM) Act to ensure all special funds and levies operate under CoB would have provided “the much-needed effective oversight of public funds.
A parliamentary committee is sounding an alarm that the legislative delay in granting the Office of the Controller of Budget (CoB) independent oversight powers over the Sh63 billion in annual Housing Levy collections is exposing the billions to potential abuse.” The CIOC report on the status of implementation of the constitution by CoB Captures Controller of Budget (CoB) Dr Margaret Nyakang’o saying that the loophole in the law “prevents any independent oversight” of the housing levy billions “severely undermining” her supervisory mandate.
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