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Kenya’s public debt rises to Sh12.82 trillion as loan repayments consume 71% of revenue
['Damaris Gatwiri']
Kahawatungu
Kenya’s public debt has risen to Sh12.82 trillion, with loan repayments now consuming 71 percent of all government revenue, leaving only 29 percent to finance salaries, public services and development projects, Controller of Budget Margaret Nyakang’o has told Parliament.
She said Kenya’s debt portfolio currently comprises about 60 percent domestic debt and 40 percent external debt, with debt servicing taking up nearly three-quarters of all revenue collected by the government.
“The impact of that over-borrowing is that up to 71 percent of the revenues that we collect goes to loan repayment.
Her remarks came after petitioners raised concerns about the sustainability of Kenya’s public debt and called for stricter controls on government borrowing.
Nyakang’o added that her office will strengthen oversight of pending bills as county governments enter the final year of their current term to prevent outgoing administrations from leaving unpaid liabilities for their successors.