Thursday, April 8, 2021 – Renowned political analyst, Mutahi Ngunyi, has scoffed at Kenyans for criticising President Uhuru Kenyatta’s government’s spending and borrowing spree amid high taxation and dwindling economic fortunes.
Venting on Twitter, Ngunyi defended massive borrowing by the Jubilee administration and insisted that loans were good for the nation’s development.
Ngunyi said Kenyans, in general, have an appetite for borrowing if statistics by Safaricom’s Fuliza service is anything to go by and that they should not criticize Uhuru for doing just that for their own sake.
“By Christmas, Kenyans will have borrowed twice what the International Monetary Fund (IMF) is loaning us.
“And they will have borrowed it from only one source: Fuliza. If you add SACCOs, shylocks, MFIs, and chamas (forget banks) they will have borrowed trillions. Are they stupid? No. They know that borrowing is good,” Ngunyi tweeted.
Ngunyi’s remarks came after the IMF approved a KSh 255 billion financing package loan to Kenya, a move that sparked outrage among Kenyans.
According to statistics by the Central Bank of Kenya, the country’s public debt stood at KSh 7.2 trillion as of November 2020.
The Kenyan DAILY POST