Ruto Refuses To Sign Finance Bill 2024

President William Ruto has announced that he has conceded and will not sign the Finance Bill 2024.

The Head of State, while speaking during a press briefing at State House on Wednesday, June 26, announced that he has returned the bill to Parliament for further amendments. He has also shared some amendments to be incorporated in the bill.

"Having reflected on the conversation surrounding the bill and listening to the people of Kenyan who have said they want nothing to do with the bill. I concede and therefore I will not sign the bill. It will be subsequently withdrawn and that becomes our position," he stated.

Ruto had announced that his administration had heard the cry of the citizens who were demanding that he drop the bill in its entirety and reduce the cost of living.

He reiterated his push to engage the young people of Kenya, the Gen Z, who have been leading the protests against the Finance Bill 2024 for more than a week now.

"Because we have gotten rid of the Finance Bill 2024, we must have a conversation on how to manage the affairs of the country and the debt situation together.

"I will propose an engagement with the young people and listen to our sons and daughters," he added.

The Head of State explained that the bill was aimed at increasing the country's revenue adding that Kenya was burdened by debt.

He added that the revenue raised through the bill would be used to subsidize fertiliser, pay Junior Secondary Schools (JSS) teachers, finance the last mile connectivity project, operationalise the Universal Health Coverage plan, and pay coffee and sugar cane farmers among other government projects.

What Happens Next?

President Ruto directed the reduction in expenditure allocations for several sectors within the government, with the Executive arm not spared. Among the cuts under the executive arm of the government include allocations meant for travel, hospitality, purchase of motor vehicles and renovations.

"In this regard, I direct immediate further austerity measures to reduce expenditure, starting with the Executive Office of the President," Ruto stated.

Ruto also directed the Judiciary, the county governments and the Legislature to work handily with the National Treasury to facilitate budget cuts. 

"County Governments working with the National Treasury also undertake budget cuts and austerity to ensure that we do what I have always advocated for, that we live within our means," the Head of State announced.