The Controller of Budget (COB), Dr Margaret Nyakang\u2019o, has raised concerns over county governments using commercial banks instead of the Central Bank of Kenya (CBK), a practice that goes against established regulations.<\/p>\n
Speaking before the Constitution Implementation Oversight Committee (CIOC) on Tuesday, Dr Nyakang\u2019o revealed that counties have been operating multiple accounts in commercial banks, despite regulations requiring them to consolidate funds at the CBK.<\/p>\n
\u201cCounties have accounts in different banks instead of consolidating their funds at the CBK. We have investigated this and have been sensitizing the public on the matter,\u201d Dr Nyakang\u2019o told the committee, chaired by Gathoni Wamuchomba.<\/p>\n
The COB\u2019s remarks come amid growing concerns about inefficiencies in county financial management, with the session also focusing on the handling of pending bills, wasteful spending, and corruption.<\/p>\n
Dr Nyakang\u2019o explained that, while her office monitors lawful pending bills, some officials prioritize certain payments to avoid tax voiding or due to corruption-related interventions.<\/p>\n
\u201cFunds are sometimes diverted once they reach county accounts,\u201d she noted, adding that overestimated revenue projections further exacerbate the accumulation of pending bills.<\/p>\n
Despite these challenges, Dr Nyakang\u2019o pointed out that her office lacks enforcement powers to take action against financial mismanagement.<\/p>\n
\u201cThe Act leaves us with no teeth to bite, but our reports are proper,\u201d she said, calling for more public and media involvement to hold officials accountable.<\/p>\n
Dr Nyakang\u2019o also highlighted the financial constraints facing her office, which operates on an annual budget of Ksh 700 million, while the government pays an overdraft interest of Ksh 1 billion every month.<\/p>\n
These budgetary limitations hinder the COB\u2019s ability to effectively oversee public spending.<\/p>\n
In response to inquiries about the management of funds related to the Housing Levy, Dr Nyakang\u2019o clarified that her office does not oversee these funds, distancing itself from the levy\u2019s administration.<\/p>\n
The committee\u2019s concerns reflect broader frustrations about the mismanagement of public resources, with calls for greater accountability and stricter compliance with regulations in county financial operations.<\/p>\n
The post Counties\u2019 use of commercial banks sparks concerns in budget oversight session<\/a> first appeared on KBC<\/a>.<\/p>\n The post Counties\u2019 use of commercial banks sparks concerns in budget oversight session<\/a> appeared first on KBC<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" The Controller of Budget (COB), Dr Margaret Nyakang\u2019o, has raised concerns over county governments using commercial banks instead of the Central Bank of Kenya (CBK), a practice that goes against established regulations. Speaking before the Constitution Implementation Oversight Committee (CIOC) on Tuesday, Dr Nyakang\u2019o revealed that counties have been operating multiple accounts in commercial banks, […]<\/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-93028","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\/93028","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=93028"}],"version-history":[{"count":0,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/posts\/93028\/revisions"}],"wp:attachment":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/media?parent=93028"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/categories?post=93028"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/tags?post=93028"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}