Ruto’s administration appears to have taken out a Ksh 1 trillion loan. The government aims to utilize increased taxes, as suggested in the Finance Act 2023, to pay off the $1 trillion debt, which is said to have been borrowed illegally and cannot be accounted for, according to Busia Senator Okiya Omtatah.
Omtatah’s announcement comes as Professor Njuguna Ndung’u, the Treasury’s chief secretary, is pleading with the Supreme Court to end the suspension of the Finance Act so that the government can stop losing 211 million in taxes.
Omtatah, however, has disagreed with Treasury’s argument, claiming that the money the government is losing being used to settle illicit debts. He continued by saying that the government is eager to see Finance Act 2023’s suspension lifted.
Omtatah stated, “I am aware that the Finance Act, 2023, contains provisions to raise tax revenues which would be used in part to repay illegally borrowed domestic debt totaling to Sh1 trillion.
“I am conscious that the money the government will ‘lose’ will be used to pay off illegitimate debt. In order to hide this fraud from the Kenyan taxpayer, they also do not want the matter to proceed to a full hearing, he continued.
by: Best@News