President William Ruto announced on Wednesday that he refuses to sign the contentious Finance Bill 2024, which sparked deadly protests and resulted in at least six deaths.
“Having reflected on the continuing conversation regarding the content of the finance bill 2024, and 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,” Ruto said during a television address Wednesday.
What Follows Finance Bill 2024 Withdrawal?
The Finance Bill 2024 will go back to the National Assembly with an explanation of why Ruto declined to sign it.
Next, the Majority Leader will propose a motion for the House to agree with the president’s decision, following parliamentary rules. The bill will then be officially withdrawn.
The government had hoped to raise nearly Sh200 billion in extra revenue through the Finance Bill 2024 to support its Sh3.99 trillion budget for 2024-25.
Despite withdrawing the Finance Bill 2024, the government will still collect revenue based on the Finance Act 2023. Therefore, the current tax measures and revenue collection will continue until a new bill is created, approved, and signed into law.
Meanwhile, the National Assembly must revisit the budget and find new ways to meet the revenue goals. This could mean changing the proposed tax measures or finding new revenue sources that are more acceptable to the public.
The government’s main challenge is to balance the need for revenue with the public’s concerns and the impact of tax measures.
President Ruto’s refusal to sign the Finance Bill 2024 shows that the anti-Finance Bill protests were not in vain.
May the souls of all who died in the protests rest in peace.
By Vivian K.