Tough Times Ahead as President Ruto Signs Contentious Finance Bill to Law

Despite criticism from different sectors, Kenya’s president William Ruto signed into law a bill that increases taxes on several items including fuel.

Last week parliament approved the new taxes after a majority of elected representatives voted in favor of the contentious bill giving way for double taxation on fuel to 16 percent and introducing a new housing levy, this move is expected to have a ripple effect in a country that is hanging by a thread and chocking on high inflation.

"President Ruto has assented to the finance bill. Signed at State House," a press statement from the statehouse reads.

Riding on a promise to revive the economy and make the country self-sufficient President William Ruto has said the bill has the best interest of the people and will make the government deliver on its promises during the campaign.

With the bill now law President Ruto seems to have been armed to the teeth with what he needs to drive Kenya to a land that he promised the hustlers but at the expense of the hustlers themselves.

The new law is now expected to generate more than $2.1 billion in taxes and to achieve these taxes on basic goods and services including food and mobile money transfers are bound to hike.

One of the most contentious provisions is the 1.5% housing levy on the salaries of all tax-paying Kenyans, this is intended to fund the ambitious affordable housing program.

The opposition led by Ruto's rival Raila Odinga has threatened fresh demonstrations over the tax package saying it will strain already squeezed incomes.