The Cabinet has approved a Bill that will give National Treasury Cabinet Secretary Njuguna Ndung'u powers to bypass the National Assembly in the decision to sell state corporations.

The controversial Privatisation Bill, 2023, which is sponsored by the government, is set to be tabled in Parliament soon as President William Ruto seeks a fast-tracked way to sell off parastatals minus the nod of MPs.

The National Assembly Majority Leader Kimani Ichungw’a is expected to introduce the Bill on the floor of the August House this week or next week for debate and consideration.

Privatisation Bill, 2023, is set to replace Privatisation Act, 2005, and will give powers to the National Treasury to sell state-owned corporation without seeking Parliamentary approval.

“This ushers in a more facilitative and non-inhibiting legal and policy framework that will oversee privatisation in the country,” the Cabinet stated.

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According to the Tuesday cabinet meeting, the sale of non-performing non-strategic corporations will enable the State to fund its infrastructural projects and boost service delivery.

The meeting by the top government officers in the Ruto administration also argued that the privatisation of the parastatals will curb the appetite for finances from the government.

The Bill also intends to convert the Privatisation Commission into a parastatal named the Privatisation Authority under the National Treasury headed by CS Njuguna Ndung’u.

Among state-owned corporations earmarked by the Kenya Kwanza administration for privatization include South Nyanza Sugar Company (SONY), Chemelil Sugar Company, Nzoia Sugar Company, Miwani Sugar Company, Kabarnet Hotel and Mt Elgon Lodge Golf Hotel.

Others include Kenya Meat Commission, Sunset Hotel Kisumu, public universities, Agro-Chemical and Food Company, Development Bank of Kenya and Consolidated Bank.

“The Cabinet Secretary shall identify and determine the entities to be included in the privatisation programme,” the Bill states.

However, Azimio la Umoja headed by Raila Odinga has rejected the proposed privatisation of public universities by Ruto terming it a ploy by Kenya kwanza honchos to amass wealth.