President William Ruto has formally written to Parliament proposing the deletion of the contentious Finance Bill, 2024.
The President, in the memorandum drawn shortly after he announced the withdrawal of the Bill, cited widespread protests against the piece of legislation.
"In exercise of the powers conferred to me by Article 115(1)(b) of the Constitution, and having reservations on the content of the Bill in its entirety, I decline to assent to the Finance Bill, 2024, and refer the Bill for reconsideration by the National Assembly with the recommendation for deletion of the clauses thereof," the memorandum seen by the Star reads.
This means the Bill stands withdrawn and the decision can only be overturned by two thirds of the 349 MPs (233).
The Kenya Kwanza government was seeking to raise nearly Sh200 billion in extra revenue to finance its projects through the Finance Bill, 2024.
The government will continue using the Appropriation Act, of 2023 to continue accessing money to run its expenditures in light of the withdrawal of the Finance Bill, 2024.
The MPs had on Tuesday passed the Appropriations Bill, 2024 alongside the Finance Bill, 2024 and was awaiting presidential assent.
Last year, the High Court ruled that revenue-raising measures must first be approved before the Appropriation Bill is introduced to the House.
