Speaking during a meeting with
parastatal heads and CEOs of state corporations at State House Nairobi, Ruto
threatened to close all loss-making government institutions in three years as
he pushes full steam ahead toward a balanced budget.
"We will give you
instructions on what to do with the other 20 per cent," he stated.
Ruto also ordered regulatory
institutions to remit 90% of their surplus funds to the Treasury.
“Our budgets and expenditures
must be subjected to rigorous audit to eliminate abuse of public resources. We
will leverage on technology to maximise on the value for money and boost
service delivery,” Ruto stated.
“The time is up for loss-making parastatals,”
he added.
The president affirmed that
state corporations must stop wasteful expenditure, including financing largesse
in their parent ministries and unnecessary procurement.
Established under the State
Corporations Act, state corporations include; the Central Bank of Kenya, the Kenya
Revenue Authority, the Insurance Regulatory Authority, the Competition Authority of
Kenya, and the Retirement Benefits Authority among others.
These institutions have for long
been a bone of contention on whether or not Kenyans are getting value for
money.
The Kenyan DAILY POST
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