Kenyan President William Ruto announced on Wednesday that he will not sign the controversial Finance Bill 2024, which has sparked violent protests resulting in deaths and extensive property damage across the country.

"Having reflected on the continuing conversation around the content of the Finance Bill 2024, and listening keenly to the people of Kenya, who have said loudly that they want nothing to do with this Finance Bill 2024, I concede, and therefore, I will not sign the 2024 Finance Bill, and it shall subsequently be withdrawn," President Ruto declared during a national television address.

President Ruto emphasized the importance of engaging with the youth of Kenya to understand their perspectives and concerns. "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," he stated.

Looking ahead, President Ruto highlighted the need for a comprehensive, multi-sectoral dialogue on Kenya's public debt and future economic strategy. "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," he said.

During his address, President Ruto called for immediate austerity measures to reduce government spending. "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," he announced.

President Ruto specified that these measures would begin with the presidency. "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," he detailed.