This archive report was first published on 5 November 2019.
Published on November 5, 2019, MPs have enabled President Uhuru Kenyatta to borrow Sh3 trillion more after adopting regulations setting the debt ceiling at Sh9 trillion.
The Committee on Delegated Legislation approved the regulations by Treasury Cabinet Secretary Ukur Yatani, removing percentage of GDP as the determinant for the debt cap.
This means the country would no longer factor its debt caps on 50 per cent of the Gross Domestic Product (GDP), which is currently about Sh6 trillion in monetary terms.
Critics have pointed out the dangers of the trend in which borrowed funds are being spent on recurrent expenditure — salaries and operations — instead of capital projects.
The country's debt stands at Sh5.8 trillion, almost 300 per cent more than the Sh1.89 trillion Uhuru inherited from the Kibaki administration in 2013.
Gatundu South MP Moses Kuria, who is Uhuru's MP back at home in Kiambu County, has come out to state that the economy is crumbling under Uhuru's nose and that he and his colleagues at the National Assembly have let the people down.
Listen to his illuminating submission in the tweet below.
"As Parliament we have failed Kenyans because we have sold to them the romantic story that all is well. We failed in our oversight role because we could have said NO but we said YES, selling lies that all is well. We are doing badly as an economy…" ~ Moses Kuria #DayBreak pic.twitter.com/flcdKugCc9
