Nairobi — President William Ruto expressed regret that the government will be forced to borrow an additional Sh1 trillion in the Financial Year 2024/2025 due to the withdrawal of the Finance Bill 2024.

The controversial bill, which had sparked nationwide protests, was withdrawn by the President in its entirety.

Speaking on Sunday during a joint media interview, President Ruto lamented that, as a result, Kenya would find itself further trapped in debt.

"I have been working to remove Kenya from a debt trap but unfortunately that is not going to happen any time soon," he said.

He lauded Members of Parliament who supported the passage of the Bill, calling them "heroes," and suggested that those who opposed it would regret their decision in the future.

"In years to come, Kenyans will appreciate the efforts of the MPs who were for the Bill," he said.

While Kenya's debt situation remains dire, President Ruto emphasized that it will worsen further due to high government expenditure and debt repayment obligations totaling Sh1.1 trillion.

"The Bill was going to take Kenya big steps forward," he said.

Looking back, President Ruto acknowledged that communication about the Bill could have been improved to better persuade Kenyans of its benefits.

"My regret is that we didn't explain ourselves better," he said.