President William Ruto, responding to public outcry, has announced his decision not to sign the Finance Bill 2024, stating that he is yielding to the voice of the Kenyan people.
“In listening keenly to the people of Kenya, who have unequivocally expressed their rejection of the Finance Bill 2024, I concede and therefore will not sign the 2024 Finance Bill. Consequently, it shall be withdrawn,” President Ruto declared.
Highlighting his administration’s achievements, President Ruto emphasized efforts to reduce the prices of essential commodities such as maize flour (‘unga’), which dropped significantly from Sh240 to Sh100.
He also noted a substantial decrease in the cost of fertilizer from Sh7,500 to Sh2,500. Moreover, he highlighted the strengthening of the Kenyan Shilling against the Dollar under his administration’s stewardship.
Addressing Kenya’s longstanding debt challenges, President Ruto asserted that the country is making significant strides towards financial independence.
He revealed that efforts to reduce the national debt burden have been successful, citing the payment in full of Kenya’s Eurobond debt borrowed in 2014, totaling $2 billion.
The final installment of $500 million was cleared just last week, marking a milestone in Kenya’s debt repayment efforts.
“For every Sh100 collected in taxes, Sh61 is allocated to servicing our national debt,” President Ruto disclosed during a televised national address from State House.
Sources from State House earlier indicated that President Ruto has also declined to give his assent to the Finance Bill, reinforcing his stance against its implementation.
For Top News and Stories every day, Join our TELEGRAM channel today.
