President William Ruto has announced that the Finance Bill 2024 has been withdrawn.

The president made the announcement on Wednesday afternoon during an address to the nation in which he stated that he had conceded to the demands of Kenyans who have been taking to the streets demanding for the total withdrawal of the Bill.

“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with this Finance Bill 2024, I concede and therefore I will not sign the 2024 Finance Bill and it shall subsequently be withdrawn,” the president announced.

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He further announced various austerity measures that will result in reduced budget allocations for the presidency and the entire executive.

Earlier on Wednesday midmorning, sources at State House had revealed that the president had declined to sign the Finance Bill 2024 that had been hurriedly passed by Members of Parliament who are affiliated to the Kenya Kwanza government.

The president in his address stated that the controversial Finance Bill, 2024, which had been expected to raise Sh. 346 billion in additional revenue to bolster government’s debt repayment efforts.

Following his announcement, President Ruto is now expected to return the Bill to parliament, with a memorandum on why he has chosen not sign it into law.

After that, he is expected to ask the majority leader and MP for Kikuyu Kimani Ichung’wa to formally withdraw it.