Odinga Flags a Whopping sh 213.4B Loan in Ruto’s Government

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Tuesday, June 20, 2023 –The Azimio Coalition led by opposition leader Raila Odinga, has flagged a sh 213.4 billion borrowing by Kenya Kwanza government.

While detailing, by blow,  how this suspicious transaction took place, the opposition leader sought to know why it had to take place just days to the new budget reading date.

He was speaking this in a press release session held in Nairobi on Tuesday June 20 where he highlighted quite a number of questionable financial under-dealings in the government.

In his findings, Mr Odinga noted that the William Ruto-led government had borrowed a whopping sh 213.4 billion from one of the local banks in a record one day.

Odinga argued that, apart from the suspicious timing, the loan had been borrowed at an exceptionally high interest rate of sh 15.84 percent.

Again, Mr. Odinga added, this single borrowing constitutes almost half of the total approved annual domestic borrowing of sh 438 billion for the year 2022-2023.

In that regard, Azimio la Umoja coalition want President William Ruto and his administration to make it clear on why this had to take place.

They are demanding a detailed account of where the borrowed funds will be allocated, given the proximity to the new financial year.

Furthermore, the party questioned the necessity of such massive borrowing, merely days before the conclusion of the previous financial year and the subsequent beginning of a new one. The opposition leader raises doubts about the government’s ability to absorb sh 213.4 billion within such a short timeframe.

Odinga urged the administration to address the potential consequences of this sudden influx of borrowed funds on the overall financial stability of the country.

The Azimio leader argued that, with the government securing loans at a staggering 16 percent interest rate, small businesses and individuals could soon start facing interest rates of 24 percent or even more.