Kenyan President Uhuru Kenyatta says he plans to veto a controversial new media law if it is not constitutional amid criticism from media owners and even former Prime Minister Raila Odinga.

The bill calls for fines of up to 1 million shillings ($11,700) for an individual or 20 million shillings for media outlets if they break a code of conduct to be drawn up by a government-appointed tribunal.

The bill also says that of all media content in the country, including advertising, 45% should be locally produced. This provision has media businesses worried about how this could hurt their revenues.

And with regard to the code of conduct, critics say the bill could curb investigative reports on corruption. Meanwhile, some media groups have threatened to go to court to block the law. Kenyatta has asked journalists to report more responsibly.

However, he said he would closely examine the law, which will only become effective once he signs it.

"I shall look at the bill once it is forwarded to me with a view to identifying and addressing possible grey areas to ensure the new media law conforms to the constitution," a statement from the presidency said.

Former Prime Minister Raila Odinga, Kenyatta's defeated rival for the presidency, urged him to throw out the new law.

"We can only ask him (Kenyatta) to have a change of heart and refuse to sign it because it is bad for the country and goes against the Constitution," Odinga said in a statement.