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Finance Bill 2024 Goes Into Last Stages as Kenyans Protest

The controversial Finance Bill 2024 is set to go into its last stages in Parliament tis week, with planned protests ongoing across the country since the legislative process begun. 

• The bill is partially meant to raise Kenya’s revenue targets in line with the ongoing structural program with the IMF, and will see increased levies on fuel, batteries, and businesses. 

• Last week, among protests in Nairobi and other urban areas, Treasury warned Parliament that ceding ground would result in a KShs 200bn hole in the budget, and force expenditure cuts. 

• This week, the bill will go into its last stages, with Parliament considering amendments to each clause, including those suggested by the finance committee, before voting on the bill. 

Last week, a majority of MPs voted to pass the time-bound bill amidst protests across the country in a 204 to 115 vote. The protests, which intensified even after the finance committee and the ruling coalition proposed a raft of amendments, are partially about the finance bill and mostly about social and economic angst that has been festering for years. 

Last weekend, the protests moved to different social spaces, including nightclubs, churches, and almost anywhere MPs, particularly those who voted for the bill, were present. The death of at least one protestor, Rex Masai, during the Thursday protests has further inflamed the resolve of the protest, which is calling for the legislature to reject the bill completely, and not amend it. 

The protests have placed President Ruto’s government in a bind, as it seeks to keep to its commitments to the IMF to get budgetary support, and to remain creditworthy. But it also provides an opportunity to push back, as its clear that the structural adjustment conditions have led to less government revenue, not more. This week, with a deadline in mind, both the Executive and the Legislative arms of government will need to find a delicate balance between social angst and economic needs.

Two Rivers International Finance & Innovation Centre (TRIFIC) SEZ Secures $47.5mn

Two Rivers International Finance & Innovation Centre (TRIFIC), the only services-focused Special Economic Zone (SEZ) in Kenya, has announced that it has secured an investment of Kes.6 billion (US$47.5 million) from Vantage Capital, an African mezzanine finance investor. 

This investment will be utilized by TRIFIC SEZ to acquire and fit out its first office tower, the TRIFIC North Tower, a 14,975 square metre property in Two Rivers. Additionally, TRIFIC SEZ will develop a new office tower of 76,800 square metres of leasable space to host additional SEZ enterprises. 

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KQ’s Head of Network Planning & Alliance, Martin Gitonga, sat down with Andrew Barden to discuss how the new Nairobi-Maputo route plays into KQ’s Transformation Strategy.

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