Kenyan president withdraws controversial tax bill amid deadly protests

In a major turn of events, Kenyan President William Ruto announced Wednesday afternoon from the State House in Nairobi, Kenya, that he is withdrawing the contentious 2024 finance bill.

"I will decline to assent to the bill," Ruto said. "Listening keenly to the people of Kenya, who have said loudly they want nothing to do with the finance bill 2024, I concede. And therefore will not sign the bill and it shall therefore be withdrawn."

"I have agreed with MP's that it becomes our collective decision," said Ruto. "The people have spoken."

Protests linked to the contentious 2024 Finance Bill have rocked the East African nation, sparking huge protests nationwide over the past two weeks that turned deadly on Tuesday. At least 23 people were killed and more than 300 injured, according to Amnesty International.

"The country [has] witnessed widespread expression of dissatisfaction with the bill as passed, regrettably resulting in the loss of life, destruction of property and desecration of constitutional institutions," Ruto said Wednesday.

The controversial legislation was aimed at raising $2.7 billion in revenue to alleviate debt and reduce borrowing.

Critics argue corruption, greed and mismanagement at the hands of Kenya's politicians have stolen money from the economy and that ordinary people should not be the ones to pay the price.

"The people have spoken," said Ruto, adding the government has listened to calls from the public for the government to make concessions.

Nevertheless, Ruto said Kenya has made "significant progress" in pulling the nation back from the brink of debt distress: "Our debt situation is better managed, and our budget now has space for investment and programs aimed at easing the hardship of vulnerable people."

Many Kenyans took to social media to express jubilation at the news, while lamenting the lives lost this week in the protests.

Police opened fire on protesters with live ammunition on Tuesday, according to Amnesty International, as some demonstrators stormed into the parliament building and briefly set a fire at the entrance.