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{
    "id": 1119256,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1119256/?format=api",
    "text_counter": 333,
    "type": "speech",
    "speaker_name": "Sen. Mutula Kilonzo Jnr.",
    "speaker_title": "",
    "speaker": {
        "id": 13156,
        "legal_name": "Mutula Kilonzo Jnr",
        "slug": "mutula-kilonzo-jnr"
    },
    "content": "paying for phase one of the Bagamoyo-Hororo-Lunga Lunga-Malindi Road Project Phase One, yet we do not have a report on whether that project has begun. We are also paying commitment fees for the Jomo Kenyatta International Airport Airfield Expansion, Phase Two yet nobody knows whether this project is ongoing. The list goes on and on. We are also paying guaranteed loans to various institutions including Kenya Airways of more than Kshs80 billion and it is guaranteed. I wonder why that is the case. The stakeholders who visited the Senate for some very strange reason only known at the National Treasury, there is no way of tracking our debt through the Integrated Financial Management Information System (IFMIS). The Auditor-General and the Controller of Budget cannot track. In fact, there is section of law which limits the Controller of Budget from checking how we are utilizing or borrowing our debts. We have proposed to amend those Allow me to highlight a few more. On page 30 of this report, would you believe that there is an unexplained variance of Kshs2 billion between internal loans and short term borrowing balance of Kshs887.1 billion reflected in the summary statement of the public debt and recomputed closing balance of Kshs885.14 trillion. There is an over redemption of Kshs2 billion which was not acknowledged by the Central Bank of Kenya and may not be recoverable. That is a very serious statement. That is the sort of money that counties are receiving for their development budget. For instance, Kirinyaga County is spending Kshs1 billion on its development as Makueni County is spending about Kshs2.1 billion on development ye the National Government cannot account for Kshs2 billion that was an over redemption. There is an unexplained variance of Kshs26.22 billion between the treasury bonds balance and the KShs2.2 trillion reflected in the salary statement of public debts. What is worse is that there is a non-disclosure of public debts procured during the 2019/2020 FY. I was here when Senators voted so many yes to increase the public debt ceiling. This is the result. We have no disclosure. The National Treasury has borrowed but we have no disclosure. When we ask for the debt register, we do not get it. We cannot find ways of knowing what the National Treasury is borrowing. I do not envy the next President of Kenya; I really do not. The gentleman or lady is going to be in a lot of trouble when they assume office in September of 2022. The solutions that we have proposed here is they are not put in place; I am reliably informed that the Government is going to seek Parliament again to increase the debt ceiling from Kshs9 trillion to Kshs12 trillion. What are we going to be saying yes or no to? This report is telling us the sort of measures that we should have put in place in 2019 but we refused to do so. How are we going to say no to this Government when it comes to us to increase the debt ceiling? Kenyans have argued that Parliament has been responsible for the problems that they are facing; whether it is increase in fuel prices or debt. It is Parliament that has enabled the National Treasury to borrow as if borrowing is fashionable like there is no tomorrow. It is unfortunate that Parliament has mortgaged the future of this country. We have failed to put in place mechanisms to stop indiscriminate borrowing. The Executive has argued that the reason it is borrowing is so as to put up infrastructure. However, the Senator for Kirinyaga County and the Lord of the Exchequer has argued that we should have balanced between the borrowing that we are doing for things that can have high returns. We have borrowed to do the Express Way and the SGR. When people will be told to pay before using the Express Way,"
}