President Uhuru Kenyatta Jubilee administration borrowed an average of 3.37 billion every day in 2020.
This is according the 2020-21 half year budget implementation review by the controller of Budget Margaret Nyakango shows the government borrowed 1.23 trillion between December 30,2019
And 30,2020 December.
This pushed the country’s debt to 7.28 trillion from 6.05 trillion an increase of 20.5 per cent in a span of just one year.
The CoB warning adds to the growing criticism and concerns by financial expert’s politicians and the general public about the Jubilee administration.
Economists have warned that Kenyans should brace for higher taxes to avert a situation in which the country will not be able to meet its debt obligations.
According to the report released by the Nyakango’s office last Friday, the huge debt is eating into the development and other crucial services with nearly 50 percent of revenues going towards repayment.
Treasury CS Ukur Yattani cited the pandemic for slow revenue performance and perhaps explaining the borrowing to fight the virus and finance other government operations.
However, the country’s debt has risen sharply since the administration took over from retired president Mwai Kibaki in 2013.
