The people have spoken, I've withdrawn Finance Bill - Ruto

President William Ruto has bowed to pressure and said he will not sign the Finance Bill 2024.

The president said the people have spoken.

"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with this Finance Bill 2024, I concede and therefore I will not sign the 2024 Finance Bill and it shall subsequently be withdrawn," he said.

Once a Bill is before Parliament, it can't just lapse until it's withdrawn.

So the president is expected to return it to Parliament, with a memorandum on why he will not sign it into law.

After that, he is expected to ask the majority leader Kimani Ichungwa'h to formally withdraw it.

President Ruto further said his administration has worked hard and consistently so that the price of essential commodities like ‘unga’ has dropped from Sh240 to Sh100.

"We reduced the cost of fertiliser from Sh7,500 to Sh2,500. The Shilling has also strengthened against the Dollar," he said.

Ruto said Kenya is on course to detangle itself from the debt burden that has hung around its neck for decades.

In a televised address to the nation from the State House, the President said for every Sh100 the government collects in taxes, Sh61 goes into paying off the country’s debt.

“We have paid Kenya’s Eurobond debt that was borrowed in 2014 of 2 billion dollars that has been hanging around our neck. We paid the last instalment of $500 million last week,” Ruto said.

Ruto said that given the sustained commitment to rid itself of the debt burden.

Following the passage of the bill on June 25, the country witnessed widespread expression of dissatisfaction with the bill.

"I propose an engagement with young people of our nation to listen to their issues and agree with them on their priority areas of concern. I also propose that within the next 14 days a multi-sectoral, multi- stakeholder engagement be held with a view to charting the way forward on matters relating to the content of the bill,' he said.

"...as well as auxiliary issues raised in recent days on the need for austerity measures and strengthening our fight against corruption."

State House sources earlier told the Star that the Head of state has also declined to assent to the Bill.