"After deliberating on our position in respect of the upcoming election, considering the interests of the people of Kenya, the region and the world at large, we believe that all will be best served by the party vacating its presidential candidature in the election scheduled for 26 October 2017", he said.
Nasa is taking that Supreme Court interpretation as the launch-pad for its contention that a new election must be conducted starting from nominations of candidates. People are asking why is it that you go to court, the court rules in your favour and you come and withdraw from the election, and this election has been set because of the petition that you have filed.
The initial results, announced on August 11, gave Kenyatta a second term with 54% of the vote, followed by Odinga with 44.7%.
The decision was announced by its leader and former Prime Minister, Raila Odinga, on Tuesday afternoon.
"Kenyans are exhausted and want to move forward".
A statement by the US State Department said that while the United States did not back any party or candidate, it fully supports the work of an election board, adding: "Unfortunately, in recent weeks actors on all sides have undermined the electoral commission and stoked tensions".
Incumbent president Uhuru Kenyatta responded by telling local press there was nowhere in law that required the electoral body to consult Mr Odinga.
Since the elections of August 8, Kenya has been on edge.
The IEBC would then go ahead and hold the election by printing the ballots with the Nasa candidate therein and supervise voting on October 26 and thereafter declare a victor.
"We are sure we will get more votes than the last time", Kenyatta told a rally in the southern town of Voi, speaking in Kiswahili.
Odinga among other demands wants Al Ghurair, the firm that has been contracted to print the papers, to be dropped because it has connections to President Uhuru Kenyatta's family.
"Kenya is a democratic country and there is no court that can force me to participate in an election I know will be rigged".
The IEBC has been split between chairman Wafula Chebukati - who has demanded answers to the technical problems which marred the first poll - and chief executive Ezra Chiloba, who insists that only minor irregularities took place in an otherwise free and fair vote.