Nairobi — Kiharu MP Ndindi Nyoro on Monday intensified his criticism on President William Ruto's administration, accusing it of "borrowing faster and more recklessly" than former President Uhuru Kenyatta, the same regime he once criticised.
Nyoro, who chaired the powerful Budget Committee and campaigned fiercely for Kenya Kwanza, spoke during the launch of the People's Audit Report in Nairobi.
He said Kenya's rising debt had become an "existential threat" and warned that the country was headed towards a crisis similar to Zambia and Sri Lanka.
Nyoro said when the Kenya Kwanza government took over in 2022, public debt stood at about Sh8.7 trillion, but has since jumped to over Sh12.5 trillion in three years.
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"Kenya is now borrowing Sh3.5 billion every single day, including today," he said.
"This borrowing is happening even faster than during Uhuru's time."
He compared this to Uhuru's ten-year record, saying the Jubilee government borrowed about Sh1.2 trillion a year, while the current administration is averaging between Sh1.2 trillion and Sh1.25 trillion annually, despite being in office for a much shorter period.
Nyoro also accused the government of hiding some loans from the official books through "securitisation," which he called "a crime".
He said Kenya has already mortgaged fuel revenues for the next seven years and is taking on new loans through channels that do not pass through Parliament.
"We are now opening more debt books outside the budget. By the time Kenyans know what happened, the money is already gone," he said.
He added that the country had borrowed Sh44.5 billion through the Talanta Hela project, which he claimed will cost taxpayers Sh100 billion in interest alone over the next 15 years.
Nyoro also criticised the planned sale of the government's 15 percent stake in Safaricom, saying the valuation is too low and could cost Kenyans billions.
He claimed that people who are not government officials were involved in negotiating the deal and alleged that some individuals had personal interests tied to the sale.
"If there is no self-interest or incompetence, then open the process and let other buyers bid. Let Kenyans see the real value," he said.
Nyoro questioned why Treasury was using current market share prices to value strategic assets, arguing that Safaricom's share price does not reflect its true worth especially after its multi-billion expansion into Ethiopia.
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The Kiharu MP warned that Kenya risks creating its own version of "Russian oligarchs" and Zambia's 1990s billionaires if it rushes into privatisation without proper valuation.
He also claimed the government plans to securitise the housing levy, arguing this would lock future revenues into new loans while freeing Treasury from its responsibility to fund key social sectors like education.
"They want to run two budgets -- one for recurrent spending and another separate one for development through the Infrastructure Fund," he said.
Nyoro further said that MPs will block the government's plan to increase secondary school fees in January 2026, insisting that the move would hurt parents already struggling with the high cost of living.
"As a Member of Parliament, I can tell you we will not allow school fees to be increased," he said.
