Kenyan Senator Okiya Omtatah, often referred to as the ‘People’s
Watchman,’ has questioned how a staggering $46 billion has vanished
without a trace. @OkiyaOmtatah (X) revealed that he meticulously combed
through official Treasury records but could not determine what the money
funded. His allegations have ignited outrage amongst Kenyans online, who
call for the responsible [...]
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Senator Alleges Kenya Can’t Trace $46 BillionKenyan Senator Okiya Omtatah, often referred to as the ‘People’s Watchman,’ has questioned how a staggering $46 billion has vanished without a trace.
@OkiyaOmtatah (X) revealed that he meticulously combed through official Treasury records but could not determine what the money funded. His allegations have ignited outrage amongst Kenyans online, who call for the responsible officials to face legal action, including at the International Criminal Court (ICC), for what they see as reckless mismanagement of funds.
Over the past decade, Kenya has significantly increased its borrowing. The Tax Justice Network reports that from June 2012 to June 2021, the country’s debt-to-GDP ratio surged by 30 per cent, climbing from 38 per cent to 68 per cent, while total debt skyrocketed from $12.3 billion to $59.5 billion. In 2024, the debt-to-GDP ratio stands at 69.9 per cent, with total debts reaching $75 billion, indicating that the economy is struggling to generate enough goods and services to meet debt obligations.
In 2024, Prime Cabinet Secretary Musalia Mudavadi (@MusaliaMudavadi on X) acknowledged that corruption costs the country approximately $4.7 billion annually. Extravagant spending doesn’t help, as in the case of President William Ruto reportedly chartering a $1.5 million private jet for his May 2024 state visit to the US, instead of opting for the much more economical national airline.
To plug budget holes, Nairobi frequently seeks loans from Western-established lenders like the International Monetary Fund. These lenders impose stringent measures, including tax increases and cuts to subsidies for essential items like fuel, further burdening citizens already grappling with a rising cost of living. Last year’s tax increase proposal infuriated Kenyans, who protested in the streets twice for several weeks at a time, leading to 145 fatalities.
Video credit: Parliament of Kenya (@NAssemblyKE on X)
Sourceshttps://youtube.com/watch?v=v=g82By2a51wE
The post
Senator Alleges Kenya Can’t Trace $46 Billion appeared first on
African Stream.
