Safi news

The umbrella society wants President Ruto to be stopped for over borrowing habit

They ignited formation of Judiciary Review to ascertain how much Kenya is indebted and the balance sheet

Prof Ogola led team sought Parliament to focus on liberating economy than electioneering talk

Operation Linda Ugatuzi have accused President William Ruto for borrowing a whopping Ksh 1.5 Trillion since he took office, allegedly with no major project to show the public

In a statement on Thursday 10th July, signed by their Chairperson Prof Fred Ogola, the lobby group urged court to form a Judicial Review of Kenya’s Public Debt and tell Kenyans the truth for neither party is transparent about the matter

He sought the court, declare the impugnment of the need for the application of Appropriations Act in all Public Debt unconstitutional and bring that requirement back to give strength to Public Accounts Committee headed by National Assembly Minority Leader

According to the Central Bank of Kenya’s official data, which is also official with the Kenya Bureau of Statistics, Kenya’s Public Debt is Ksh 6.1 Trillion

“However, the Public Debt authorized by Appropriations Act is Ksh 2.001 Trillion, where the state slotted in over Ksh 4.098 Trillion into our total Public Debt, and we are wondering whether this money was borrowed irregularly-without complying with the Appropriations Act, or that the taxpayer is simply paying someone’s bills without knowing where they came from,” Statement read

The lobby group has reminded relevant authorities that in 2014, Parliament impugned section 50(7) of the Public Finance Management Act No 18 of 2012 which gave life to the mandatory constitutional requirement

In the said clause, it had a threshold of the money received in the form of foreign aid or borrowings by the government should be paid into consolidated fund or other three public funds established by the constitution only with the approval of the parliament

“The unauthorized Debt has created discrepancy and disparity as to the figure of Kenya’s Public Debt, which has made room for lack of oversight hence corruption,” He stated

According to a report presented before parliament itemized Kenya’s Public Debt at Ksh 9.182 Trillion, whereas Central Bank of Kenya data places Kenya’s Public Debt at Ksh 6.1 Trillion, creating disparity

OLU demanded Treasury to account for Ksh 4.098 Trillion, which parliament did not approve to the last coin as well as prohibiting further borrowing by President Ruto

“Kenya lenders like IMF, World Bank and African Development Bank forfeit the money they borrowed to Kenya unconstitutionally to discourage the borrowing spree they use to destabilise the Kenyan economy,” The vocal scholar remarked

However, Ogola pointed figures to Public Accounts Committee at Parliament for playing in the gallery in detriment to Kenya’s plight of the cost of living and Finance Act, 2023 than of nonsensical election matters

“Every economists must be more focused on the opening of economic servers to know why Kenyans are paying very high taxes, borrowing too much and seeing no joy in kitchen, at the pump, in hospitals, in schools and at work among other points of purchase,” He observed