Why Ruto is selling government Parastatals
Ruto is selling government Parastatals s part of his measures to turn around the economy according to Ndindi Nyoro
Ruto is selling government Parastatals part of his measures to turn around the economy according to Ndindi Nyoro.
On January 25, Kiharu Member of Parliament Ndindi Nyoro defended President William Ruto’s proposal to sell parastatals as one of his steps to revive the economy.
The National Assembly’s Budget Committee Chairman, Nyoro, stated during a meeting on Wednesday that selling the state-owned enterprises will relieve Kenyans of the burden of using tax revenue to bail out faltering businesses.
He said that the government was considering giving up its ownership of any companies that are not benefiting the country.
“We have 334 corporations. Most of them make money, and most of them are regulators but unfortunately, most of them hemorrhage money,” he stated.
“We cannot continue to entertain a company that makes losses and do not hold any strategic value for the government to continue gobbling money from taxpayers and therefore it is the wisdom of the president that Kenyan people cannot continue to carry the load of bailing out these companies.”
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His remarks were made in response to a backlash from Kenyans who were outraged over reports that a possible repeal of a law that required parliament’s approval before the sale of any parastatal.
Treasury Cabinet Secretary Prof Njuguna Ndung’u revealed the plan to change the law through the draft Privatization Bill, which would give Treasury additional authority in administering the firms.
President Ruto made plain his intentions to stop the bailout and subsidy programs in September of last year, noting that they raised the burden on taxpayers.
Ruto specifically reaffirmed his intention to collaborate with foreign carriers to resuscitate Kenya’s national airline.
He insisted that he was prepared to sell the full government investment and start work on a new plan.
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