Serrari Group

President William Ruto has sent a contentious finance bill back to parliament for revisions, following nationwide protests that have resulted in at least 23 deaths and numerous injuries. The bill, intended to generate an additional $2.7 billion through tax hikes, has faced significant public opposition.

Reports from local media, including Kenya’s Star newspaper and KTN News, reveal that President Ruto proposed several amendments to the bill. These changes will now be considered by lawmakers. The president’s decision comes after police clashed with protesters outside parliament on Tuesday. Demonstrators, voicing their discontent with the proposed tax increases, managed to breach the parliament buildings shortly after the bill was approved by lawmakers.

This development represents one of the most significant challenges of President Ruto’s nearly two-year tenure. He is scheduled to address the nation at 1300 GMT on Wednesday, a speech that is eagerly awaited as the public seeks clarity on the government’s next steps.

The proposed tax hikes have sparked widespread criticism, particularly from opposition parties and civil society groups, who argue that the measures would disproportionately burden the lower and middle classes without addressing the underlying economic issues. Economic analysts have echoed these concerns, suggesting that while raising revenue is necessary, the current approach could worsen economic inequality and social unrest.

With the bill now back in parliament, there is an opportunity for lawmakers to consider more balanced alternatives. The next few days will be critical in determining whether a compromise can be reached or if further unrest will follow.

Photo source: Google

By: Montel Kamau

Serrari Financial Analyst

27th June, 2024

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