MPs rejection of Finance Bill good, but let's explore ways of reducing debt

Parliament Buildings, Nairobi. [Elvis Ogina, Standard]

In a historic moment, Kenyan MPs rose to the occasion and rejected several proposals in the Finance Bill 2022. In many ways, this represents a victory for the many Kenyans who have been ravaged by an unprecedented economic slowdown triggered by the Covid pandemic and an unrelenting rise in the cost of living.

At the heart of the Finance Bill was a series of proposals to levy excise tax on basic commodities that would have launched a stinging cost push inflation and its attendant socio-economic effects. This aggressive attempt to raise revenue is fuelled by the need to service public debt that has increased nearly five-fold since 2013.