Kiharu Member of Parliament Ndindi Nyoro has renewed his criticism of the government’s growing use of securitisation, cautioning that it is simply “borrowing by another name” and will saddle future generations with heavy debt.
Speaking during a business expo in Nyeri County, Nyoro questioned the rationale behind securitising fuel levies and road maintenance funds to raise as much as Ksh.100 billion every month.
He argued that these financial maneuvers avoid confronting the root problem of fiscal mismanagement and instead paper over it.
“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.
Breaking Down the Numbers
The former government insider broke down the country’s debt burden in stark terms, saying:
“Kenya is now borrowing Ksh.3.4 billion every single day or Ksh.140 million per hour. Simply, Ksh.2.4 million per minute, both day and night, every day. Out of that, the Kenyan debt is now over Ksh.12.1 trillion. This is besides the Ksh.175 billion borrowed through securitisation of the Fuel Levy and the Ksh.45 billion Talanta Bond.”
He added: “And every single day, when the lights go off, every day, every single day, Kenya is borrowing Ksh.3.4 billion every day.”
Nyoro warned that securitised bonds and road-levy-backed deals are being pursued without sufficient parliamentary oversight, locking the country into long-term financial commitments through the back door.
He stressed that the current borrowing spree is unsustainable, pointing out that Kenya has borrowed three times in just three years what former President Mwai Kibaki borrowed during his entire tenure.
“We have borrowed three times what 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,” Nyoro noted.
He concluded with a call to integrity: “Let us serve our country with dedication. And let us not seek to give good narratives out there when the Kenyan economy is actually being jacked down or torn down.”
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