Nyoro accuses Ruto's government of misleading Kenyans on public debt

Kiharu MP Ndindi Nyoro at his offices at the KICC, Nairobi on April 14, 2026. [Kanyiri Wahito, Standard]

Kiharu Member of Parliament Ndindi Nyoro has faulted the government for what he termed as deliberate misrepresentation of public borrowing, insisting that proceeds from securitisation must be included in Kenya’s national debt.

Speaking during a press briefing in Nairobi on Tuesday, Nyoro claimed the International Monetary Fund and World Bank had affirmed concerns long raised by Kenyans over the treatment of securitised funds.

“Securitisation is being used as jargon to sanitise illegal borrowing,” Nyoro said, adding, “you cannot hide debt under complex terms and expect accountability to disappear.”

Securitisation involves raising funds by leveraging future revenue streams such as levies.

In Kenya, it has been linked to proceeds from the Fuel Levy and Railway Development Levy.

The National  Treasury has argued that such financing mechanisms do not necessarily constitute conventional public debt.

However, Nyoro dismissed that position, saying failure to disclose securitised funds distorts the country’s true debt levels.

 “Even if securitisation were to happen, its proceeds must form part of the national debt. Anything else is misleading the public,” he stated.

According to the lawmaker, Kenya’s public debt has risen sharply in recent years to Sh13 trillion, raising concerns over sustainability and transparency.

Nyoro further criticised the government delegation for travelling to Washington to seek clarity on an issue he says was already well understood locally and that the trip was a wastage of public funds.

“It is appalling that officials spent public resources to be told what Kenyans have been saying all along—that this is debt, and it must be declared,” he said.

He called for accountability within the Treasury, urging officials to “stop experimenting with the country’s future” and to align public finance practices with transparency and constitutional requirements.