NAIROBI, Kenya Dec 8 \u2013 Kiharu MP Ndindi Nyoro on Monday intensified his criticism on President William Ruto\u2019s administration, accusing it of \u201cborrowing faster and more recklessly\u201d than former President Uhuru Kenyatta, the same regime he once criticised.<\/p>\n
Nyoro, who chaired the powerful Budget Committee and campaigned fiercely for Kenya Kwanza, spoke during the launch of the People\u2019s Audit Report in Nairobi. <\/p>\n
He said Kenya\u2019s rising debt had become an \u201cexistential threat\u201d and warned that the country was headed towards a crisis similar to Zambia and Sri Lanka.<\/p>\n
Nyoro said when the Kenya Kwanza government took over in 2022, public debt stood at about Sh8.7 trillion, but has since jumped to over Sh12.5 trillion in three years.<\/p>\n
\u201cKenya is now borrowing Sh3.5 billion every single day, including today,\u201d he said. <\/p>\n
\u201cThis borrowing is happening even faster than during Uhuru\u2019s time.\u201d<\/p>\n
He compared this to Uhuru\u2019s ten-year record, saying the Jubilee government borrowed about Sh1.2 trillion a year, while the current administration is averaging between Sh1.2 trillion and Sh1.25 trillion annually, despite being in office for a much shorter period.<\/p>\n
Nyoro also accused the government of hiding some loans from the official books through \u201csecuritisation,\u201d which he called \u201ca crime\u201d.<\/p>\n
He said Kenya has already mortgaged fuel revenues for the next seven years and is taking on new loans through channels that do not pass through Parliament.<\/p>\n
\u201cWe are now opening more debt books outside the budget. By the time Kenyans know what happened, the money is already gone,\u201d he said.<\/p>\n
He added that the country had borrowed Sh44.5 billion through the Talanta Hela project, which he claimed will cost taxpayers Sh100 billion in interest alone over the next 15 years.<\/p>\n
Nyoro also criticised the planned sale of the government\u2019s 15 percent stake in Safaricom, saying the valuation is too low and could cost Kenyans billions.<\/p>\n
He claimed that people who are not government officials<\/em> were involved in negotiating the deal and alleged that some individuals had personal interests tied to the sale.<\/p>\n \u201cIf there is no self-interest or incompetence, then open the process and let other buyers bid. Let Kenyans see the real value,\u201d he said.<\/p>\n Nyoro questioned why Treasury was using current market share prices to value strategic assets, arguing that Safaricom\u2019s share price does not reflect its true worth especially after its multi-billion expansion into Ethiopia.<\/p>\n The Kiharu MP warned that Kenya risks creating its own version of \u201cRussian oligarchs\u201d and Zambia\u2019s 1990s billionaires if it rushes into privatisation without proper valuation.<\/p>\n He also claimed the government plans to securitise the housing levy, arguing this would lock future revenues into new loans while freeing Treasury from its responsibility to fund key social sectors like education.<\/p>\n \u201cThey want to run two budgets \u2014 one for recurrent spending and another separate one for development through the Infrastructure Fund,\u201d he said.<\/p>\n Nyoro further said that MPs will block the government\u2019s plan to increase secondary school fees in January 2026, insisting that the move would hurt parents already struggling with the high cost of living.<\/p>\n \u201cAs a Member of Parliament, I can tell you we will not allow school fees to be increased,\u201d he said.<\/p>","protected":false},"excerpt":{"rendered":" NAIROBI, Kenya Dec 8 \u2013 Kiharu MP Ndindi Nyoro on Monday intensified his criticism on President William Ruto\u2019s administration, accusing it of \u201cborrowing faster and more recklessly\u201d than former President Uhuru Kenyatta, the same regime he once criticised. Nyoro, who chaired the powerful Budget Committee and campaigned fiercely for Kenya Kwanza, spoke during the launch […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-126279","post","type-post","status-publish","format-standard","hentry","category-uncategorized","entry"],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/posts\/126279","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/comments?post=126279"}],"version-history":[{"count":0,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/posts\/126279\/revisions"}],"wp:attachment":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/media?parent=126279"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/categories?post=126279"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/tags?post=126279"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}