The government has been challenged to tame the current trend of massive corruption within the government and reduce the appetite for external borrowing.
Hotelier and Businessman Nazir Jinnah has said the current economic challenges that are bedeviling the country if not addressed will continue to widen the gap between the rich and poor.
To address the economic challenges, the businessman said there is a need for President William Ruto’s administration to tame corruption and manage its borrowing appetite.
“The burden of debt falls squarely on the shoulders of hardworking Kenyans, who must bear the consequences of irresponsible borrowing and spending decisions,” he said.
Jinnah said the current cycle of wasteful expenditure only serves to deepen the financial woes of Kenyan taxpayers, perpetuating a vicious cycle of poverty and inequality.
In a statement to newsrooms, Jinnah urged the government to prioritise the welfare of its citizens and adopt policies that promote transparency, accountability, and fiscal responsibility.
“Only through concerted efforts to address the root causes of economic hardship can Kenya build a more equitable and prosperous future for all its citizens,” he said.
According to him, the government should do more to alleviate the suffering of Kenyans- which has been worsened by among other things increased taxes.
Jinnah’s sentiments come days after the Catholic Church made similar calls urging the government to review its “tax regime” since many Kenyans and businesses are hurting.
The Kenya Conference of Catholic Bishops (KCCB) said overtaxing had led to job losses and hiking of prices of basic commodities.
Jinnah said with stagnant incomes and a rising cost of living, there is a need for the Kenya Kwanza administration to think about the financial well-being of Kenyans.
“The economic strain is further compounded by the inability of businesses to afford employment, leading to a soaring unemployment rate that exacerbates poverty and inequality,” the businessman said.
He said, “With businesses struggling to stay afloat amidst a challenging economic climate, many Kenyans find themselves without stable sources of income, further deepening their financial insecurity. Even Mama Mboga feel the hard economic punches”
