Ruto Signs Alternative Finance Bill at the Statehouse

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Monday, August 5, 2024 –President William Ruto has assented to the Supplementary Appropriations Bill on Monday after it was passed by the National Assembly on July 31, 2024.

The assenting event took place at the Statehouse where key government officials including budget committee chair Ndindi Nyoro was present.

“President assented to the Supplementary Appropriations Bill on Monday after it was passed by the National Assembly on July 31, 2024. Despite the fiscal constraints, the new law safeguards key critical expenditures, including about KSh20 billion to support farmers and enhance production and productivity,” read the update.

The move aimed at filling the deficit left after withdrawal of the Finance Bill 2024 and the resulting revenue shortfall of sh. 344 billion.

The Bill includes adjustments to reduce expenditures while maintaining essential services in agriculture, health and education, including remuneration enhancements for security officers.

Ruto’s administration faced a heavy resistance from young Kenyans who poured onto the streets demanding proper leadership and a reduced cost of life.

They staged weeks of protests that eventually saw the government make drastic changes in its Cabinet as well as throw away the Finance Bill 2024 which had received a heavy backlash from all quarters.