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{
    "id": 349910,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/349910/?format=api",
    "text_counter": 657,
    "type": "speech",
    "speaker_name": "Mr. Onyancha",
    "speaker_title": "",
    "speaker": {
        "id": 126,
        "legal_name": "Charles Onyancha",
        "slug": "charles-onyancha"
    },
    "content": "Mr. Deputy Speaker, Sir, we should not have any fuss about this Motion. Let me say at the outset that I fully support the Motion for very good reasons, which I am going to enumerate. First, we should consider that the last time this ceiling was put in place was five years ago. Speaking as a financial expert, a sum of money five years ago is not the same amount today. It has been eroded by inflation on an annual basis. Assuming a 10 per cent inflationary rate, you will find that he is asking for the same amount he asked for five years ago in real terms. That is something which hon. Members should keep in mind. In addition to that, if you look at the exchange rates five years ago and the exchange rates today, because we are borrowing in foreign currency; you will appreciate that that is further erosion, which he has not asked to be cushioned from, in my opinion. That is probably going to contribute another 20 per cent. So, those two factors taken into account together bring down the Kshs1,200 billion to about Kshs600 billion. What we could buy with Kshs900 billion five years ago today we need to spend, maybe, Kshs1,600 billion to buy it. Therefore, with that in mind, we should not have any objection to this Motion. Secondly, our economy has been growing tremendously, especially in the last ten years. A growing economy needs the oil to grease it. That oil is finance. Really, when you consider the percentage of this ceiling to the GDP you will find that it has actually gone down tremendously. That is another issue which I believe we need to take into account. Further, we need infrastructural development as fast as we can. Indeed, we must borrow because this is an investment we are making. As hon. Wetangula said, it will repay. This is not money that is wasted. With our intended aim to substantially reduce, if not to kill corruption; if we put these funds into proper infrastructural development, we will give our country a chance to grow at 10-15 per cent per annum. That is all we want to create jobs. Lastly, the Minister has given us assurances. His past assurances have not been bad. Okay, we are questioning about the Constituencies Development Fund (CDF) in the last minute but I am sure that he is going to sort it out. I encourage him to do so to leave"
}