Retired President Uhuru Kenyatta went into a borrowing spree in his last stint in office, official documents have revealed.
State documents tabled in Parliament on Thursday, November 17, show that the Jubilee administration borrowed KSh 26.25 billion every month.
The documents that were tabled in Parliament by the leader of the Majority Kimani Ichungwah revealed that the Treasury inked six loans totaling KSh105 billion between May 1 and August 31, 2022.
This means that the Treasury borrowed KSh 854,148,675 daily for the four months tapped from bilateral, multilateral, and commercial creditors.
“The total value of the six new loans signed is equivalent to KSh 105, 060,110. One of the loans had been disbursed by the time of submitting this report,” the documents read in part.
The report further indicates that the proceeds of the loan were used by the immediate former Head of State to finance various projects.
The new loans come amid concerns over the ballooning debt that currently stands at KSh 8.6 trillion.
The revelations come at a time when the new administration has on several occasions claimed that it inherited a broke government.
“We are inheriting a dilapidated country with KSh10 trillion debts. Let all those who were against joining us in building the nation,” Deputy President Rigathi Gachagua was quoted as saying.
His comments were supported by Nandi Senator Samson Cherargei who claimed that President William Ruto found only KSh 93.7 million in the Treasury savings.
“The economy is no longer in ICU but death because Ruto found only KSh 93.7 million at the treasury, Uhuru went home with everything. State Capture is real!
“The country is broke Kenyans be patient William Ruto shall fix this through economic transformation and Prayers from all of us. Amen,” Cherargei said.