Answer questions on funds from Eurobond

The financial crunch facing the government has brought to the fore different issues depending on the discussants and their political persuasion.

One of the issues is how the government spent the Sh250 billion that it secured through bonds that were floated in the European market last year, and which were touted as the panacea to the country’s economic challenges.

National Treasury Cabinet Secretary Henry Rotich reports that a large chunk of the cash — Sh196 billion — was ploughed into infrastructure, while another, Sh53 billion, was deposited in a foreign account with the intention of paying external debts.

However, the Controller of Budget, Ms Agnes Odhiambo, told Parliament last week that some Sh176 billion could not be accounted for, while Sh53 billion had been withdrawn and supposedly used to pay some loans without the requisite approvals.

At the weekend, Cord leader Raila Odinga weighed in with assertions that the money could have been spent irregularly.

His contentions were quickly rebutted by the Jubilee coalition.

Whatever the case, the public is puzzled. The conflicting statements point to something sinister.


What is emerging is that the public has not benefited from the proceeds of the bond.

Arguably, there are many intervening factors that may explain why the fund may not have yielded the desired impact.

For example, the astronomical rise in the hard currencies has badly hit emerging economies.

Even so, the public requires honest explanations about the Eurobond for it is not a charitable fund.

The taxpayers will have to pay for it and woe unto us if the money was not put to productive use.

The reason the country is bleeding is because of theft, corruption, lies, and mismanagement.

We demand honest disclosure about the Eurobond cash.