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Raila said Ruto should not grow the size of the budget but rather cut it down and live within the means.
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"Instead of imposing new taxes, seal the loopholes that lead to loss of revenue," he said.
Kathiani MP Robert Mbui has bashed the Kenya Kwanza government over the proposed Finance Bill 2023.
Speaking in Parliament, Mbui said that President William Ruto's first Finance Bill was the most contentious he had ever seen.
"This is the most contentious Finance Bill, I look at it as a drum of poison," he said on Wednesday.
The MP urged his colleagues to reject the bill, noting that the economic situation in Kenya is dire.
"Kenyans are struggling. Azimio went to the streets because somebody needs to start caring for the hustlers," Mbui added.
Wading further into the matter, the MP compared Deputy President Rigathi Gachagua's remarks of feeling the pain now and enjoying later to the Shakahola incident.
"When you tell us that you want Kenyans to feel pain now and enjoy later, it reminds me of Shakahola. We don’t want our hustlers to die," Mbui added.
Earlier, Gachagua had asked Kenyans to tighten their belts for hard times and expect the economy to improve after two years.
He said new tax measures proposed in the controversial Finance Bill are the only ways to correct the mess he says was occasioned by the previous regime.
The opposition Azimio coalition has threatened to reject the bill in totality, saying it will overburden Kenyans with taxes.
But Gachagua insists the bill is pro-mwananchi and the jobless youths.
The deputy president said Azimio's threats, intimidations and demands have no room in the Kenya Kwanza government.
The opposition wants President Ruto to adopt zero-based budgeting and stop taking on the previous budget as the baseline.
Opposition Chief Raila Odinga said every budget must start at ground zero where everything has to be justified.
Raila said Ruto should not grow the size of the budget but rather cut it down and live within the means.
"Instead of imposing new taxes, seal the loopholes that lead to loss of revenue," he said.
Raila added that the President should stop non-essential government expenditures including the appointment of Chief Administrative Secretaries.
He wants Ruto to reduce the size of the government and cut non-essential domestic and international travel.
The opposition boss said Ruto should freeze ministerial out-of-station allowances, ministerial house allowances and domestic allowances for cabinet and principal secretaries.