William Ruto Announces 3-Year Plan For Kenya To Live Within Its Means: "Tighten Your Belts"

• The National Treasury proposed a raft of new tax measures in the Finance Bill 2024 to raise funds for the fiscal year 2024/25 budget
• President William Ruto praised the measures taken by the Treasury and his economic advisory team led by David Ndii
• Ruto maintained that Kenya should live within its means, noting that the government will be operating on a balanced budget in the next three years

TUKO.co.ke journalist Wycliffe Musalia brings over five years of experience in financial, business, and technology reporting, offering deep insights into Kenyan and global economic trends.

President William Ruto has cautioned Kenyans to brace for tough times in the next three years.

Ruto's sentiments came amid the ongoing discussion on tax proposals in the Finance Bill 2024.

Which budget measures has Ruto taken?

The National Treasury proposed a raft of tax measures to raise over KSh 302 billion that will finance the fiscal year 2024/25 budget.

Speaking during the national prayer breakfast at Safari Park Hotel in Nairobi on Thursday, May 30, Ruto praised the Treasury and his three presidential advisory teams led by David Ndii for the budgetary measures they have undertaken.

"I am very proud of the measures taken by the Treasury and the support I get from my economic team led by David Ndii. They are doing a good job," said Ruto.

Why Ruto wants Kenyans to tighten their belts

The head of state said he will lead from the front in tightening his belt and ensuring the country lives within its means.

"It is going to be that way. We are going to make sure that we tighten up our belts and live within our means.

"My plan in the next three years is that, we must have a balanced budget. We cannot continue to have a budget that has a deficit... that before you begin you have to borrow," said Ruto.

How Ruto will ensure balanced budget

Early in May, Ruto defended the new tax measures, saying that the country lags behind in terms of tax ratio to revenue.

The head of state vowed to increase Kenya's tax to the percentage of revenue from the current 14% to 22% by 2027.

The head of state explained that to achieve this, Kenya has to cut its spending.

Proofreading by Asher Omondi, current affairs journalist and copy editor at TUKO.co.ke.