The economy is buffeted by run-away inflation that has driven up the cost of living among ordinary people, high fuel prices, and mega graft in the public sector
President Uhuru Kenyatta enters his last 3 months in office as president with a proposed Ksh. 3.3 Trillion budget that he intends to hand over to his successor after the elections in August. The president will be leaving behind a staggering external debt now standing at Ksh. 9 Trillion, a dept that his successor will have to shoulder.
The economy is buffeted by run-away inflation that has driven up the cost of living among ordinary people, high fuel prices, and mega graft in the public sector. The IMF and World Bank have in the past warned Nairobi against any further external borrowing meant to plug the budget deficit on recurrent expenditure that guzzles 60 per cent of the GDP. Multi-lateral lenders are instead urging Nairobi to expand its tax bracket, end public wastage, and cut down on unnecessary trips abroad.
The lenders also want Nairobi to consider scaling down duplicated roles in the county governments by merging or scrapping them altogether and to stop the theft of billions of taxpayers’ money by senior state bureaucrats.
President Kenyatta will leave a legacy of failed promises, from undelivered laptops to primary schools kids, to a halfhearted fight against corruption, and increased poverty besieging at least 12 million Kenyans who leave on less than a dollar (Ksh. 100) a day. The president’s big 4 agenda of building at least one million affordable houses for the poor, one million jobs for the youth, and universal health care will remain a footnote in Jubilee’s economic manifesto!
President Kenyatta’s regime has partly blamed the disabling Covid-19 for contributing to the worsening economic problems witnessed in the year 2020-2021, but economic watchers say the situation had been worsening in recent years.
National Treasury Cabinet Secretary Ukur Yatani read the 2022/2023 budget statement last week, two months earlier than usual.
There’s no story that cannot be told. We cover the stories that others don’t want to be told, we bring you all the news you need. If you have tips, exposes or any story you need to be told bluntly and all queries write to us [email protected] also find us on twitter.