John Mbadi, the newly appointed Cabinet Secretary for Treasury, has taken a firm stance against reintroducing the Finance Bill of 2024, just days after being sworn into his new position.
Mbadi, who took over from Professor Njuguna Ndungu after the latter was dismissed in a major cabinet reshuffle by President William Ruto, has made it clear that bringing back the rejected bill would be a disservice to the Kenyan people.
Mbadi expressed his concerns, stating that reintroducing the Finance Bill would be “wrong and an insult to Kenyans.”
He acknowledged that, while the bill did contain some positive provisions, such as those related to tax expenditure, it ultimately failed to gain the necessary support.
According to Mbadi, despite the good intentions behind certain sections of the bill, the rejection by the public and lawmakers must be respected.
“We have lost the Finance Bill 2024,” Mbadi stated.
“It would be wrong and an insult to Kenyans to reintroduce it, even though there were provisions in the Finance Bill which would have helped the country to grow, like on the issue of tax expenditure. We must look for ways to reduce tax expenditure.”
Mbadi emphasized the importance of finding alternative ways to address the country’s financial challenges.
He pointed out that while tax expenditure could have been beneficial for economic growth, the government must explore other strategies to reduce spending without imposing additional burdens on citizens.
As the former National Chairperson of the ODM party and a nominated MP, Mbadi’s views carry heavy weight, especially given his background in advocating for fiscal responsibility.
His Azimio coalition was among the loudest voices calling for the rejection of the Finance Bill when it was first proposed.
This history highlights his consistent approach to financial matters and his commitment to ensuring that any legislative measures align with the best interests of the Kenyan people.
Mbadi’s strong opposition to reintroducing the Finance Bill 2024 reflects his understanding of the public’s sentiments and his dedication to fiscal prudence.
By rejecting the bill’s return, he is signaling a need for the government to take a different approach in addressing the country’s economic challenges.
His focus on reducing tax expenditure suggests that he will prioritize measures that encourage economic growth while being mindful of the financial strain on Kenyan citizens.
John Mbadi’s remarks on the Finance Bill 2024 set the tone for his tenure as the Cabinet Secretary for Treasury.
His emphasis on respecting the will of the people and exploring alternative fiscal strategies indicates a thoughtful and people-centered approach to managing Kenya’s economy.
All eyes will be on Mbadi to see how he navigates the complexities of the country’s financial docket.
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