Wednesday, July 17, 2024 – It is possible that we might have been paying for non-existent debts if the revelation by Auditor General Nancy Gathungu is anything to go by.
According to the Auditor General, Kenya’s actual debt
position cannot be determined due to inconsistencies in records kept by the
National Treasury and state agencies implementing programs with the borrowed
funds.
In a new report released amid
the raging debate on public debt, Gathungu revealed that the National Treasury
and implementing agencies do not share information on loans, which might have
led to paying for non-existent loans.
“This implies that the country’s
true debt position may not be accurately reported,” she said.
It has also emerged that
President William Ruto’s government has been paying billions after taking loans
it is not ready to spend.
As of the end of the
financial year on June 30, 2023, a total of Sh55 billion had been paid for
loans the government acquired before projects were ready to take off.
Had state agencies prepared
adequately, taxpayers would have been spared the avoidable burden or the funds
used to plug budget gaps.
The Kenyan DAILY POST
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