• Wanjigi insisted that even former president's Mwai Kibaki (late) and Uhuru Kenyatta did achieve a tax raise of up to Sh1 billion in 10 years.
• There was an uproar over certain proposals in the Bill, that Kenyans termed punitive.
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Businessman Jimi Wanjigi now says that the proposed Finance Bill, 2023 by the Kenya Kwanza administration is only raising the cost of pain for Kenyans.
Speaking on Wednesday, Wanjigi said the Bill is unrealistic and punitive and comes at a time when Kenyans have nothing.
"It is an open secret that we are facing huge economic challenges. For the very first time, every Kenyan I know of is feeling some sort of pain about the economy... the Finance Bill is coming at a time when we have no money, we have a high cost of living and it is very clearly vied by the majority of people as a very punitive Bill," Wanjigi said on NTV.
"It is raising the cost of our pain in terms of purchases, and in terms of a producer. This Bill, in my view, is seeking an unrealistic target."
He further noted that the tax revenue targets set by President Ruto and his team are also unrealistic.
He said they target to raise at least Sh1 billion in revenue but that was not possible, compared to the previous two administrations.
Wanjigi insisted that even former Presidents Mwai Kibaki (late) and Uhuru Kenyatta did achieve a tax raise of up to Sh1 billion in 10 years.
"This particular finance Bill and the target of the Budget is to raise this collection of Tax from Sh1.9 to Sh2.9 Trillion in one year. We are saying this is an impossible target, it has never been done. Mwai Kibaki was there for 10 years he took a tax revenue inherited from President Daniel Moi of Sh200 billion a year and by the time he exited he had cumulatively gotten to Sh1 trillion," he said.
"Uhuru Kenyatta took over when it was Sh1 trillion and cumulatively we have reached Sh900 billion over 10 years. Kenya Kwanza is saying that in just one year we can achieve a target that has never been achieved in 10 years. It's unrealistic."
On Tuesday, the National Assembly's Finance and National Planning Committee tabled the amended Finance Bill, 2023 after the public gave its views on the same.
There was an uproar over certain proposals in the Bill, that Kenyans termed punitive.