President William Ruto said that the withdrawal of Finance Bill 2024 will have severe consequences.
According to Ruto, the bill would have freed Kenyans from the debt burden.
Ruto stated that the funding gap that has happened with the finance bill going down is that instead of borrowing Sh600 billion, the government is going to borrow the said Sh600 billion plus Sh346 billion which is close to a trillion.
"We have dropped the finance bill, it means that we have gone back almost two years, it means that this year we are going to borrow Sh1 trillion," Ruto said.
Speaking during a roundtable media interview on Sunday, Ruto said that besides borrowing Sh1 trillion, the country will have to forego planned projects that have major cuts in county and constituency funds.
The Head of State said that he had a plan to stabilize the country's budget in a couple of years to come.
"My plan was to make sure in the next three to four years maximum, we have a balanced budget, where Kenya is not the Country we are today," Ruto said.