Treasury CS nominee plan to mitigate high cost of living

Treasury CS nominee's plan to mitigate high cost of living

National treasury and planning CS nominee  Njuguna Ndung’u was the second to appear before the  vetting committee today 18, October 2022. 

The former central bank governor indicated his  net worth  to be at Sh.950 million.

While proving his suitability for the post, Ndung’u noted the physical interventions the country should adopt to bring down the high cost of living.

We have new dimension in the horn of Africa… We need to create buffers in the economy so that when there are surprise side shocks, we can mitigate in the short term,” he said.

These buffers are related to food security, in physical space and finally, we should have buffers from the central Bank in terms of foreign exchange reserves,” Njuguna added.

The nominee for Treasury Cabinet Secretary post Njuguna Ndung’u has denied claims that his wife’s Thailand holiday trip was funded by Imperial Bank.

Appearing before the National Assembly Appointments Committee Ndung’u has stated that the trip was funded privately through an agent.

The former CBK Governor further stated that the Bank did not collapse during his tenure.

If approved for the position, Njuguna takes over an economy that has been battered by the economic effects of Covid-19 albeit slowly recovering amidst accumulating debt and soaring global inflation.

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