By E Njega
Too bad to rule; too young to retire. What a country!
Can’t believe we are debating about Uhuru extending his term in any shape or form. These are debates for failed states. Uhuru can only salvage his legacy by resigning at the earliest opportunity and allowing another person try his hand in changing the fortunes of this country. Decent leaders resign when it is plain clear they can no longer deliver.
“The amount Kenya spent on debt repayments more than doubled in the first quarter of this financial year compared with the same period in 2017, highlighting the increasing burden on the taxpayer.
The Treasury released Sh153 billion to settle the country’s loan in the period between July and September compared with only Sh75.3 billion in the same period last year, data published by National Treasury last week shows.
By comparison, the Kenya Revenue Authority (KRA) only managed to grow tax collection by 3.7 percent over the period, from Sh317.4 billion to Sh329 billion in the first quarter of this financial year.
That means debt repayment alone consumed 46.5 percent of taxes that KRA collected in the first quarter of 2018/19, adding to a pile of recurrent expenses that have stifled development over the years.” Business Daily
Every time President Uhuru Kenyatta is interviewed about our public debt issue he always says he would only have a problem if the debt is going into recurrent spending.
For a fact part of our debt has gone into recurrent spending. Besides the part going into development spending has gone into politically correct economically unproductive projects. Furthermore, most of the borrowed money has been stolen by people many who are still in government.
Five years after we borrowed the first eurobond, we cannot even afford a shilling to repay it. We are now going to issue a third eurobond to finance the repayment.
If the borrowed money was well utilised how come it cannot finance its own repayment?