Withdrawal of Controversial Finance Bill 2024 has Own Consequences -Ruto

President William Ruto acknowledged the withdrawal of the controversial Finance Bill 2024 has its own consequences.

He sought to set the record straight that there is reduction of the country’s revenue target by sh 346 billion.

“Over the last few days the treasury has been assessing the adverse impact of either reducing the budget by entire sh 346 billion or borrowing the full amount,” he disclosed.

Ruto said cutting the entire sh 346 billion would significantly and drastically affect the delivery of critical government services.

He made the remarks when he issued a statement at State House Nairobi.

The Head of State said in his statement while borrowing would increase the country’s fiscal deficit by a margin it will have significant repercussions on many other sectors.

He added that the other sectors include interest rates and exchange rates.

“The government has struck a middle ground and will be proposing to national assembly a budget of sh 177 billion and borrow the difference,” he pointed out.