The Kenya Kwanza administration is reported to have gone on an eerie borrowing binge by Azimio la Umoja Coalition.
Azimio stated in a statement on Tuesday that the administration of President William Ruto had borrowed Sh213.4 billion from a regional bank.
"Where is all this money going a week to the beginning of a new financial year? Kenyans deserve a full account," the Raila Odinga-led outfit said.
The opposition is now demanding clarification on the matter after alleging that the borrowing took place recently.
"First, it took place just ten days to the start of Kenya Kwanza's inaugural Financial Year, which begins on July 1, 2023. This money was borrowed at an extremely high interest rate of 15.84 per cent," Azimio said in the statement.
The coalition further asserts that the amount borrowed is approximately half of the entire permitted yearly domestic borrowing of Sh438 billion for the fiscal year 2022–2023 in a comprehensive six-point demand.
"Can the regime consume Sh213.4 billion in one week?"
Additionally, the team lead by Raila Odinga wants Kenya Kwanza to list the infrastructure initiatives that would be paid for using bond revenues in a week.
"Azimio is convinced that despite the country being deep in debt, the Kenya Kwanza administration is continuing to borrowing money at extremely high rates to pay questionable pending bills owed to politically correct contractors, without following the law, in return for bribes."
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