Auditor General questions national treasury’s public debt statements

Auditor General Nancy Gathungu is questioning the inaccuracy of the national treasury in public debt figures.

She notes that the treasury has in some instances failed to include new debt while disclosing government loans. 

In her opinion, the financial statements for the consolidated Fund services, for the financial year to June 2020, did not truly reflect the allocations of all the money received by the government. 

Moreover, Nancy cites notable differences in the amount that treasury claims to have borrowed locally. This it says it did through the treasury bonds and bills.

Finally, the summary statement of public debt reflects total external and internal loans balance o Sh. 6.37 trillion as at June 30, 2020. This is an increase of SH917.64 billion or 16.8% from the previous year’s closing balance of Sh5.45 trillion.

Former Auditor General Edward Ouko, also raised issues with the Treasury’s accountability, on the Eurobond issue of 2014, where the government received 250 billion from international investors. 

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