RAILA catches RUTO red-handed ‘stealing’ from Kenyans as he exposes how he borrowed a whopping Sh213 billion in one day last week with no plans to use the money – Look!

 

Wednesday, June 21, 2023 – President William Ruto could be looting the country dry as Kenyans concentrate on the Finance Bill 2023.

This is after Opposition leader Raila Odinga accused him of borrowing Ksh213 billion in a span of 24 hours in the final days of the 2022/2023 Financial Year with no clear indication of how the money will be utilized.

According to Raila, Ruto borrowed Ksh213.4 billion barely ten days before the end of the financial year, a figure higher than that borrowed in the previous four months combined.

He observed that this borrowing was done in a secretive manner and that the government was yet to make public any details about how the money will be used.

“With the ongoing focus on the Finance Bill providing a perfect cover, the Kenya Kwanza administration has in recent days engaged in a suspicious spree of borrowing which the Azimio Coalition Party demands clarity on.”

“In a single day last week, Ruto borrowed Ksh213.4 billion from local financial institutions. This debt has a number of curious and disturbing features,” lamented Raila.

He lamented that the money was borrowed at an extremely high-interest rate of 15.84 per cent, noting that the country will have to carry the burden of the loan he classified as unnecessary.

“This single borrowing is almost half the total approved annual domestic borrowing of Ksh438 billion for the year 2022-2023.

“Last week’s borrowing of Ksh213.4 billion came despite the fact that the regime has been borrowing all year. In light of this weird move by Kenya Kwanza, Azimio would like the administration to provide clarity” he demanded.

Raila called on Ruto’s government to explain the borrowing and to ensure that the money is used for legitimate purposes, warning that the move could have a negative impact on the economy.