Alarm over possible loss of Ksh6 billion Hustler Fund
Members of Parliament have expressed serious concerns over a potential loss of over six billion shillings in Hustler Fund money that borrowers have not repaid.
Members of Parliament have expressed serious concerns over a potential loss of over six billion shillings in Hustler Fund money that borrowers have not repaid.
During a meeting on Tuesday, November 18, lawmakers from the National Assembly’s Special Funds Accounts Committee questioned the fund’s Chief Executive Officer, Harry Henry Tanui, demanding answers about the whereabouts of the money.
The MPs have called for a comprehensive investigation into the funds to determine whether the money is safe or has been lost, although the CEO has dismissed claims of any financial loss.
During the session, committee members raised questions about the accountability and management of the Hustler Fund, with some expressing uncertainty about the actual status of the borrowed funds.
“So up to now, we don’t know whether money is lost. We don’t know whether money has been stolen, but we just know we need to order to know is the money there, is it safe? So these documents will help us make a ruling whether Hustler Fund is competent or incompetent in its functions,” one MP stated.
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Another legislator highlighted the stark disparity between the funds disbursed and the amounts recovered, raising further alarm about the fund’s sustainability.
“The CEO has confirmed they have already received 14 billion from Treasury, from Exchequer, and only 1.4 is refunded. You can mathematically say over 12 billion is already…” the MP noted.
The parliamentary inquiry comes just days after President William Ruto publicly addressed the issue of Hustler Fund loan defaulters.
On Friday, November 7, the President targeted Kenyans who had borrowed money from the fund and failed to fulfill their repayment obligations, although he made it clear that the government would not pursue defaulters.
“There are people who took Ksh500 from the Hustler Fund and ran away with it. The loss is yours. Use your brains, my friends. That Ksh500 you ran away with, no one will come after you for it,” President Ruto said.
His remarks suggested that individuals who default on their loans are ultimately harming themselves by damaging their credit records and limiting their future access to financial services.
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