Kiharu MP Ndindi Nyoro has once again criticised the government over rising public debt.
Speaking at a business expo in Nyeri County on Saturday, September 7, Nyoro alleged that Kenya’s public debt stands at Sh12.1 trillion, yet there is no clarity on how the money has been spent.
“Central Bank data shows that Kenya’s public debt currently stands at over Ksh.12.1 trillion. In just the past three years, the government has borrowed more than Ksh.3.5 trillion, according to Treasury data,” he said.
The lawmaker further broke down the burden, stating: “Kenya is now borrowing Sh3.4 billion every single day or Sh140 million per hour. Simply, Sh2.4 million per minute, both day and night, every day. Out of that, the Kenyan debt is now over KSh12.1 trillion. This is besides the Sh175 billion borrowed through securitisation of the Fuel Levy and the Ksh.45 billion Talanta Bond.”
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“And every single day, when the lights go off, every day, every single day, Kenya is borrowing Sh3.4 billion every day,” he added.
According to him, the Kenya Kwanza administration has borrowed three times what former President Mwai Kibaki borrowed in ten years.
“That’s the money Kenya has borrowed in the last three years alone. And in that money, I have not included other debts that Kenya has now become adept at borrowing in the name of something called securitisation,” noted Nyoro.
His remarks, however, have been received with mixed reactions by Kenyans.
X user Dayton Mulinge, for instance, questioned why Nyoro was sharing the details now yet he did not speak up earlier when he served as chair of the Budget and Finance Committee.
“We get that. But you were the Budget Committee chair, care to explain your role in this mess. Surely you can’t claim to be the hero now!” posted Mulinge.
However, Kariuki GG defended Nyoro, stating: “Ndindi’s role focused more on budget-related matters. Decisions pertaining to borrowing, such as the approval of loans or debt management strategies, typically fell outside the scope of his direct mandate and were handled by other designated arms of government.”
On his part, the lawmaker urged fellow leaders to serve the country with dedication and avoid giving good narratives while the economy is in crisis.
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Kiharu MP Ndindi Nyoro has once again criticised the government over rising public debt.
Speaking at a business expo in Nyeri County on Saturday, September 7, Nyoro alleged that Kenya’s public debt stands at Sh12.1 trillion, yet there is no clarity on how the money has been spent.
“Central Bank data shows that Kenya’s public debt currently stands at over Ksh.12.1 trillion. In just the past three years, the government has borrowed more than Ksh.3.5 trillion, according to Treasury data,” he said.
The lawmaker further broke down the burden, stating: “Kenya is now borrowing Sh3.4 billion every single day or Sh140 million per hour. Simply, Sh2.4 million per minute, both day and night, every day. Out of that, the Kenyan debt is now over KSh12.1 trillion. This is besides the Sh175 billion borrowed through securitisation of the Fuel Levy and the Ksh.45 billion Talanta Bond.”
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“And every single day, when the lights go off, every day, every single day, Kenya is borrowing Sh3.4 billion every day,” he added.
According to him, the Kenya Kwanza administration has borrowed three times what former President Mwai Kibaki borrowed in ten years.
“That’s the money Kenya has borrowed in the last three years alone. And in that money, I have not included other debts that Kenya has now become adept at borrowing in the name of something called securitisation,” noted Nyoro.
His remarks, however, have been received with mixed reactions by Kenyans.
X user Dayton Mulinge, for instance, questioned why Nyoro was sharing the details now yet he did not speak up earlier when he served as chair of the Budget and Finance Committee.
“We get that. But you were the Budget Committee chair, care to explain your role in this mess. Surely you can’t claim to be the hero now!” posted Mulinge.
However, Kariuki GG defended Nyoro, stating: “Ndindi’s role focused more on budget-related matters. Decisions pertaining to borrowing, such as the approval of loans or debt management strategies, typically fell outside the scope of his direct mandate and were handled by other designated arms of government.”
On his part, the lawmaker urged fellow leaders to serve the country with dedication and avoid giving good narratives while the economy is in crisis.
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By Esther Nyambura