Kenyan President William Ruto on Wednesday (June 26) declined to sign the contentious Finance Bill 2024 into law, sending it back to parliament.
"I concede and therefore I will not sign the 2024 finance bill and it shall subsequently be withdrawn," Ruto reportedly told a press briefing.
The protests against the finance bill have been described as one of the most severe challenges to the Ruto administration since it took office nearly two years ago.
What is the finance bill?
This led to further nationwide protests, with demonstrators storming the parliament building and clashing with security forces.
Kenyan President William Ruto on Wednesday (June 26) declined to sign the contentious Finance Bill 2024 into law, sending it back to parliament. He said that the bill would be 'withdrawn'.
The bill, which aimed to raise taxes by $2.7 billion, sparked nationwide protests that turned violent, leading to at least 23 deaths and extensive property damage, including the storming of parliament buildings.
"I concede and therefore I will not sign the 2024 finance bill and it shall subsequently be withdrawn," Ruto reportedly told a press briefing. "The people have spoken," he added.
The protests against the finance bill have been described as one of the most severe challenges to the Ruto administration since it took office nearly two years ago.
The unrest has also strained public sentiment towards Ruto's leadership, with some drawing parallels between his actions and the era of former President Daniel arap Moi.
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With parliament set to go on recess, the speaker may have to recall lawmakers to address the president's proposed amendments to the finance bill.
The unrest in Kenya shows the deep discontent among citizens over the government's economic policies, which are seen as favouring lenders like the IMF over the needs of the population.
What is the finance bill?
The bill includes imposing a 16 per cent tax on basic goods and services such as bread, transportation of sugarcane, financial services and foreign exchange transactions.
Watch | Russia-Ukraine war: Russia, US defence ministers talk on phone × It also includes introducing a 2.5 per cent tax on motor vehicles and increasing the excise duty on mobile money payments from 15 per cent to 20 per cent.
After some amendments to the bill, such as removing the tax on basic goods and reducing the mobile money tax increase, the Kenyan parliament ultimately passed the finance bill on June 20.
This led to further nationwide protests, with demonstrators storming the parliament building and clashing with security forces.
(With inputs from agencies)
