Former President Uhuru Kenyatta is alleged to have left office with Ksh93.7 million in the exchequer, according to Cabinet Secretary for the National Treasury Ambassador Ukur Kanacho Yatani.
The National Treasury on Friday, September 16, released the statement of actual revenues and net exchequer issues as of August 31, 2022.
Following the gazette notice issued by Treasury, Nandi senator Samson Cherargei claimed the Kenyan economy was totally ruined and was lying on its deathbed.
“President Wiliam Ruto found only Ksh93.7 million at the treasury. Uhuru went home with everything. State Capture is real.
“The country is broke. Kenyans, let us be patient. Ruto shall fix this through economic transformation and prayers from all of us. Amen,” Cherargei claimed.
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According to financial expert and CEO of Somakazi, a personalised and packaged career mentorship and technical skill transfer for accountants, Nicholas Gachara, the Country’s economy is insolvent and, it can get back to life under the control of the new government.
“Looking at the major sources of revenue, Tax remittances accounted for more than 72 per cent of the revenue. This is collected by the Kenya Revenue Authority which has been tasked with an ambitious target for the overall financial period.”
“Tax revenues such as Pay As You Earn (PAYE), Value Added Tax (VAT), Customs and Excise can be reliably collected.’ KRA in the last financial year surpassed its targets for revenue collection,” the tax expert indicated.
Gachara was, however, concerned with the high debt financing payments which accounted for 46 per cent of the expenditures.
“The current administration of President Ruto has scaled down on the subsidies in what will be seen as prudent in managing deficits but will hurt the ordinary citizen.
“These subsidies can be diverted to the loan repayments,” he added.
Read also: National treasury to set aside Ksh 200 million for the Ruto’s swearing-in event.
According to the statement released, the government had an opening balance of Ksh616.5 million in July 2022.
For the month of July-August 2022, the total revenue received (money collected) was Ksh 383,374.4 million.