The problem with Kenya’s debt is, odious; Omtatah
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Busia Senator Okiya Omtatah has said that the problem with Kenya's debt is odious debt, blaming it on the National Treasury
Busia Senator Okiya Omtatah has said that the problem with Kenya’s debt is odious debt, blaming it on the National Treasury.
Speaking at the Kenya Conference on Debt and Development, Omtatah argued that odious debts is killing the country and laid the blame on the Treasury.
“Odious debt is Kenya’s problem, and the treasury is to blame. This nation is dying from odious debt, not real debt. Everything that is wrong with this nation was done illegally, according to Omtatah.
He declared that the Kenyan people should not be required to pay any debt that is secured outside of parliament or that is not included in the appropriations act.
The Busia Senator claimed that the only way to escape the debt quagmire is to ensure that the Treasury abides by the law.
Jimi Wanjigi concurred with Senator Omtatah at the same time, pointing out that the appropriation bill, is the genuine debt.
However, the chair of the budgetary committee in the parliament, Kuria Kimani noted that as a parliament they did everything to widen the tax base and ensure their own resource mobilization in the Finance Act 2023.
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Kimani cited the example of the informal sector which he said contributes 80% of our economy but noted they were not paying their rightful share of taxes hence the increment in turnover tax.
The Legislator also mentioned the introduction of the 5% withholding tax for digital content creators as part of resource mobilization.
“We had the Devolution Conference last week in Eldoret, how much much attention was given to own resource mobilization by the Counties,” Kimani posed.
The Kenya Conference on Debt and Development has been organized by the Okoa Uchumi coalition partners to address matters of debt in the country.
Meanwhile, fresh data released by the Treasury shows that the Gross debt stock climbed Ksh1.56 trillion ($10.8 billion) for the financial year ended June breaching the Ksh10 trillion ($69.52 billion) mark by Ksh189.53 billion ($1.32 billion).
President William Ruto has insisted that the country will not borrow to finance expenditure stating,” We are not going to borrow money to pay salaries.”
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