President William Ruto has responded to the calls of Kenyans by withdrawing the Finance Bill 2024, stating that it will be shelved to allow for dialogue and a collective approach to financing the current budget.
This historic step, the first of its kind since independence, implies that the Sh 3.9 trillion budget will be managed using the current Finance Act, along with external and internal borrowing to address the budget deficit.
The Finance Bill 2024, passed by MPs on Tuesday, has sparked widespread outrage, particularly among Kenya’s youth, who feel disproportionately burdened by the proposed tax increases. Protests have erupted nationwide, with demonstrators calling for the bill’s rejection, arguing it will worsen the economic hardships faced by ordinary Kenyans.
“Listening keenly to the people of Kenya, who have said loudly that they want nothing to do with this Finance Bill 2024, I concede and therefore I will not sign the 2024 Finance Bill, and it shall subsequently be withdrawn,” President Ruto stated.
