Full speech: President Ruto declines to assent to Finance Bill 2024
When we assumed office 20 months ago, our country was facing tremendous economic challenges. Escalating the cost of essential household commodities, high fuel prices, rapid depreciation of the shilling and spiralling public debt were threatening to ground the economy.
My administration has worked hard and consistently so that today, the prices of essential commodities like unga have dropped from an average of KSh240 for a 2kg packet to KSh100, majorly attributed to our fertiliser subsidy programme and the resilience of our farmers. During the period, we reduced the price of fertiliser from Kshs 7500 to Kshs 2,500. Petrol prices have come down from a high of KSh 217 to KSh 189 a litre. The shilling has strengthened against the dollar from a high of KSh 165 to KSh 129 today.
We have made significant progress in pulling the nation back from the brink of debt distress. Our debt situation is better managed, and our budget now has space for investment in programmes aimed at easing the hardship on vulnerable people and creating opportunities for the youth.
Our GDP grew by 5.6% in 2023, ranking Kenya among the 27 fastest-growing economies in the world. Our inflation figures have fallen from 8% in May 2023 to 5% in April this year.
Out of every Kshs 100, we have been spending 61 shillings in debt service. We have paid Kenya’s Eurobond debt of $2b (Kshs 350 b) incurred in 2014. Today, Kenya’s debt burden is much less, more sustainable and we are on course to redeem our country from the discomfort of debt and assert our sovereignty.
Earlier this year, the treasury had proposed a budget of kshs 4.18 trillion. I directed that it be reduced by kshs 200 billion to kshs 3.99 trillion. The Finance Bill 2024 generated to actualise this budget underwent public participation which resulted in concessions by which we agreed to drop the proposed imposition of VAT on bread, motor vehicle circulation tax, VAT on locally manufactured diapers and sanitary pads as well as Excise duty on money transfer services among other concessions.
The additional tax measures we had proposed in this year’s Finance Bill were for raising money to employ on a permanent basis all the 46,000 JSS interns, increase NG-CDF by Kshs 10b, increase the allocation to county governments by kshs 15 billion, allocate 14.5 billion for rural electrification, provide an additional Kshs 6 billion for UHC, paying debts owed to coffee and sugarcane farmers, and Kshs 2 billion to support the stabilization of milk prices among other interventions.
I salute our members of parliament for supporting the proposal to incorporate the views of the public generated through the parliamentary public participation process.
Notwithstanding all these concessions, it became evident that members of the public were still insisting on the need for us to make more concessions. I am grateful to all the members of the National Assembly who voted yesterday affirmatively for the Finance Bill 2024 as amended on the floor of the House to incorporate the views generated in the public participation process.
Following the passage of the bill, the country witnessed widespread expression of dissatisfaction with the bill as passed, regrettably resulting in the loss of life, destruction of property and desecration of constitutional institutions.
I send condolences to the families of those who lost their loved ones in this unfortunate manner. Consequently, having reflected on the continuing conversation around the content of the finance bill of 2024, I will decline to assent to the bill.
Accordingly, as I committed on Sunday, 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 as well as auxiliary issues raised in recent days on the need for austerity measures and strengthening our fight against corruption.
In this regard, I direct immediate further austerity measures to reduce expenditure, starting with the Executive Office of the President and extending to the entire executive arm of government. I direct that operational expenditure in the Presidency be reduced to remove allocations for the confidential vote, reduce travel budget, hospitality and purchase of motor vehicles, renovations and other expenditures.
I propose that equally, Parliament, the Judiciary and County Governments working with the National Treasury also undertake budget cuts and austerity to ensure that we do what I have always advocated for, that we live within our means.
As we hold this important conversation, I remind us that we should proceed within the foundational principles upon which our nation is founded, namely; constitutionalism, adherence to the rule of law and respect for constitutional institutions.
Shows
See AllAM Live
AM Live is NTV's morning current affairs show that sets the agenda for the day with insightful panels every weekday.
Business Redefined
Business Redefined is Kenya’s premier thought leadership platform for unpacking matters regarding economic and finance policy as well demystifying complex developments in the region’s capital markets.
Comedies
A collection of our premium content. Diam curabitur vehicula A collection of our premium content. Diam curabitur vehicula
Entertainment
A collection of our premium content. Diam curabitur vehicula A collection of our premium content. Diam curabitur vehicula
Full Episodes
A collection of our premium content. Diam curabitur vehicula A collection of our premium content. Diam curabitur vehicula
Gumzo La Sato
Gumzo La Sato is a live social issues show that aims to create awareness about issues affecting the larger society. The discussions range from Parenting, Marital bliss and struggles, Oppression, violence, and all matters of the Heart.
Health Diary
Health Diary is a weekly show that highlights different types of diseases/conditions and seeks ways to prevent, treat/manage them. The show debunks this through real life stories and also feature specialists in different fields, to offer medical advice on the same.
Letter To My Younger Self
Letter To My Younger Self is a podcast where guests get to write a letter to their younger self, from which Maxine formulates questions to ask them during the hour-long show.
Nation Reports
Nation Reports is a weekly podcast offers an opportunity for listeners to interact with various reporters and journey with them as they unravel the biggest most emotive stories.
One Health Lens Podcast
Discussing health matters and human stories from Kenya and across Africa. We talk big picture from people to policy, ecosystems, and everything in between. Follow us on LinkedIn: https://www.linkedin.com/company/onehealthlens
Paradise Lost
Paradise Lost peeks through the story of Louis Otieno, the times, and everything in between.
Speaking of GEN Z
Speaking of Gen Z brings you entertaining but meaningful conversations about a generation that is trying to navigate through adulthood. Join hosts Michelle, Jackie and Esther as they unravel all things Gen Z.
Sport On
Sport-On is a 30-minute sports magazine show on NTV and 3 hours on NATION FM. The show seeks to give the sports “fanatics” and “funatics” comprehensive and in-depth coverage of sports both locally and internationally.
Tech-over
The extent of technological growth is beyond mere acknowledgment; it has seamlessly integrated into our daily existence. A few years ago, the notion of paying electricity bills through mobile money or recharging with 'tokens' in Kenya seemed inconceivable. Online product sales were considered distant, and artificial intelligence is rapidly reshaping various facets of our lives. Amidst these technological leaps, those with a solid understanding of tech can navigate challenges, seize opportunities, and build a sustainable livelihood. Tech over Show aims to be the platform facilitating discussions among thought leaders, innovators, tech companies, and the government, addressing challenges and opportunities in Kenya's thriving tech industry.
Thamani
Thamani is a business show which is dedicated to emerging issues regarding micro, small and medium size businesses.
The Politalk podcast
This is The Politalk podcast. Here we look into the ins and outs of everything Kenyan politics. We pull no punches and have no reason to sugarcoat anything that matters to Kenyans.
The Trend
A two-hour-long live show that airs on Fridays. The show focuses on what is current in the entertainment industry, controversial and popular across all media platforms targeting those aged between 25 and 35 years.
The trend podcast
The trend podcast highlights and captures the best of banter from #TTTT segment that airs every Friday on NTV. It's the TTTT EXTRA
The Wicked Edition
The Wicked Edition with Dr. King’ori seeks to address serious issues through humour and relatable wit. It is a two-part half hour show filmed in front of a live audience
Trending
A collection of our premium content. Diam curabitur vehicula A collection of our premium content. Diam curabitur vehicula
Twende
Twende is a travel show that highlights beautiful, unique, diverse locations, people, and cultures. The show offers fresh perspectives on familiar locations and memorable experiences in new ones.
Unscripted
This Saturday evening lifestyle show lets viewers share their stories and life experiences as openly & honestly for the purpose of shifting the culture of silence.
VIP Access
VIP ACCESS is Anyiko Owoko’s YouTube and podcast show on Music and Culture dedicated to promoting Africa’s most promising talent and creatives. This podcast grants you VIP access into timeless interviews while providing a platform for rising as well as established artists across the continent. Since launching in 2018, Anyiko has interviewed over 70 African music stars.
WADR
This weekly news show aims to have all sides of debate but not be constrained by it, listen to main voices in the contest but not allow them to hold the viewers hostage, entertain debate but allow push back with all due respect.
When death do us part
In this podcast, three widowers openly speak about the process of grief, how they found themselves exposed to the emotional turmoil of losing their wives, and how society still does not know how to deal with them.
Your World
Your World is a health, wellness and variety show. It provides a platform for audiences and experts to share their experiences on how to improve or manage health issues, across Kenya and the Africa region.