Kiharu Member of Parliament Ndindi Nyoro has poked holes in President William Ruto’s positive assessment of Kenya’s economic performance, arguing that the figures shared in recent speeches do not align with official data on the shilling, the stock exchange, construction activity, or public spending.
Speaking in Parliament on November 25, 2025, Nyoro said the country deserves accurate information, not political optimism. “I will be direct to the point,” he began. “When we listen to the State of the Nation address, data should speak more than words. If you want to invest in a company, for example, you rely on financial statements verified by regulators like the Capital Markets Authority and the Central Bank of Kenya.”
Nyoro insisted that some of the numbers presented by the President were misleading. “That data is believable. But some of the data presented last week was incorrect. I don’t know whether it is the Kenya National Bureau of Statistics that is wrong or those delivering the speech who didn’t have the correct data.”
He first questioned the exchange rate figures used in the President’s address. According to him, the trend shows a weaker shilling than portrayed.
“During elections in Kenya, the exchange rate to the US dollar was 118 shillings. On the day of the swearing-in, it was 120 shillings. In 2023, it reached 159 shillings. The shilling has actually depreciated by 8.5 per cent from August 2022, while the US dollar itself has depreciated by 10 per cent globally. So, which data is correct?” he asked.
Nyoro then dismissed claims that the Nairobi Securities Exchange (NSE) is performing at historic highs. “The speech claimed the NSE is at an all-time high. That is incorrect. The NSE 20 Share Index saw its highest point in 2017, not now. The broader All Share Index also peaked in 2017. Stock exchanges are measured by indices, not by market capitalisation alone.”
He also cited worrying signs from the construction sector, a key driver of Kenya’s job creation.
“According to the Kenya National Bureau of Statistics, the construction sector contracted by 2 per cent in 2024. Cement consumption fell by 7.9 per cent. Even with housing projects ongoing, activity has slowed. Data speaks for itself.”
While comparing growth across administrations, Nyoro argued that Kenya’s economy expanded faster under former President Uhuru Kenyatta.
“Over the past three years under President Uhuru Kenyatta, Kenya’s GDP rose from Ksh19 billion to Ksh26 billion, a 36 per cent increase. Under the current administration, growth has been around 14 per cent. If you grade, the past three years of the previous administration scored 72 per cent, while the current administration is at 29 per cent.”
He noted that Kenya is also trailing its East African neighbours. “In 2024, Uganda’s economy grew by 6 per cent, Tanzania by 6.1 per cent, and Rwanda by over 8 per cent. Kenya, by contrast, grew by only 4.7 per cent. Facts are like lions; you release them, and they defend themselves.”
Nyoro further criticized what he described as unsustainable borrowing.
“Kenya is borrowing 3.5 billion shillings every day. There is also borrowing through securitisation and other mechanisms. These are monumental issues that deserve public attention, yet they were not highlighted in the speech.”
He also took issue with the Ministry of Education over reduced funding for students.
“The Ministry of Education has sent a circular reducing capitation per student from 22,000 shillings to 12,000 shillings in day secondary schools. This will force parents to pay an extra 9,300 shillings on top of school levies. Some families cannot even afford 1,000 shillings per term. We must not allow this to happen.”
Nyoro closed his remarks by urging the government to protect free basic education. “Instead of slashing capitation, the government should increase it to match the cost of living. Free education is a right. Leaders must prioritise education over politics.”
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