In a hurry? Here’s a quick summary…
- President William Ruto urges MPs to pass Finance Bill 2024 for funding education projects, including school meals for vulnerable children.
- Public protests and amendments aim to mitigate proposed tax increases, as Treasury warns of significant revenue shortfalls if changes are adopted.
President William Ruto urged Members of Parliament to swiftly pass the Finance Bill 2024 during Garissa University’s fifth graduation ceremony in Garissa on Thursday.
He emphasized that the bill, aimed at generating an additional Ksh.346.7 billion in revenue through increased taxation, would fund critical projects in the education sector.
Ruto specifically highlighted plans to implement school feeding programs to enhance student attendance, particularly among vulnerable children dependent on meals provided at school.
Addressing the employment sector, Ruto advocated for the regularization of intern teachers into permanent and pensionable positions, stressing equal opportunities for every child.
He further appealed to MPs to approve the bill to secure funding for university student loans and scholarships.
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The Finance Bill has sparked widespread public outcry and nationwide protests, prompting the National Assembly Finance Committee to announce reductions in proposed levies, including those on bread, motor vehicle circulation tax, and excise duty on vegetable cooking oil.
Despite these amendments, Treasury Cabinet Secretary Njuguna Ndung’u cautioned Parliament that alterations to the bill could create a Ksh.200 billion revenue gap in the projected Ksh.3.992 trillion budget for 2024/2025.
In a letter dated June 19 to the National Assembly clerk, Ndung’u outlined contingency budget cuts across government departments should the Finance Bill fail to pass.
Parliament commenced its second day of debate on the bill on Thursday, with plans to move amendments to the Third Reading next Tuesday.
A final vote by MPs before June 30 will determine the fate of the Finance Bill ahead of the upcoming financial year starting on July 1.