Wednesday, May 17, 2023 – 2022 Presidential aspirant Jimi Wanjigi has given his two cents on President William Ruto’s controversial Finance Bill 2023.
Speaking during an interview, Wanjigi expressed reservations about the Finance Bill 2023, saying it was bad for the country.
According to the businessman cum politician, the bill is detrimental to the already burdened citizens. He noted that if passed, the bill would affect Ruto’s economic recovery plan.
Besides poking holes in the bill, Wanjigi opined that revenue collection was low, noting that the exchange rate was dropping, negatively affecting his administration.
Other indicators listed by Wanjigi included the stock market, which he observed that investors were fleeing, and the bond market, which he stated had been affected by the current market volatility.
Further, Wanjigi stated that Ruto’s administration had been affected by Moody’s rating.
This was after the global rating agency based in New York, USA, downgraded Kenya’s long-term foreign-currency and local-currency issuer ratings from B2 to B3.
“Disaster is here! it is not coming. It is here; we are just refusing to accept it, but it is here. We have never been in this kind of place,” Wanjigi stated.
To address some of the challenges and save Kenyans from the yoke of taxes, Wanjigi implored President Ruto to adopt some strategies former President Mwai Kibaki employed.
Wanjigi advised Ruto to expand the tax bracket by allowing several companies, both local and international, to establish in the country in order to expand the revenue collection bracket.
Despite expanding the tax bracket, Wanjigi advised Ruto to renegotiate debts. He insisted that relief from maturing debts would help Ruto’s administration channel the funds toward economic recovery.
“I saw the President say that we are not going to default like it’s a bad thing. It is, but it may be the only option because all we are doing here is digging a hole. And now you renegotiate new terms under that default,” he advised Ruto.
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