Kiharu Member of Parliament Ndindi Nyoro says the country is in a financial crisis over the management of her public debt and warned of a dire situation even as the budget making process for the next fiscal year gathers momentum.
This follows the tabling of the Finance bill 2025 before national assembly Wednesday.
Ndindi Nyoro has told off the Ruto administration for being defensive over his remarks asserting that a large chunk of next year’s budget is headed to offset interest of loans.
”The reality is on the ground, because of the next budget set to be passed in June, over 1trillion shillings is going to pay interest, Nyoro said.
According to Nyoro, the country should take a break on borrowing because it risks default and the government must shape up before it is too late
“I saw headlines of the government in jubilation that we were able to repay our Eurobond loan. The reality is you retire a debt of six percent interest with a debt of ten percent. It is like taking a loan from a shylock and you celebrate. If we are not prudent, we will have a big problem with our debt,” he said.
Nyoro further maintained that President Ruto’s eight-day visit to China was for a request of more loans.
“You can spend a lot of time trying to fix your competitor, or you can actually choose to use that time to do the work itself,” Nyoro said.