FALSE: President William Ruto did not borrow Ksh5.2 trillion in his first 22 months in office
Data from the National Treasury shows Kenya’s stock of public debt has only increased by Ksh1.6 trillion since Ruto took office in 2022.
These remarks made by Jeremiah Kioni, a former MP, and captured by Citizen TV claiming that in 10 years, former President Uhuru Kenyatta incurred a debt of Ksh6.7 trillion while his successor William Ruto has taken Ksh5.2 trillion in one year and 10 months is FALSE.
While purporting to demonstrate how Ruto has overborrowed since becoming President, Kioni stated that, “Miaka 10 Uhuru Kenyatta alikuwa amepata deni ya Ksh6.7 trillion. 1 year 10 months, Ruto amechukua deni ya Ksh5.2 trillion (10 years Uhuru Kenyatta had got a debt of Ksh6.7 trillion. 1 year 10 months, Ruto has taken a debt of Ksh5.2 trillion).”
Maudhui House fact-check desk has studied this claim by Kioni on the status of Kenya’s debt since Ruto assumed office and established that it is FALSE.
Our analysis shows that whereas Kioni, the Jubilee Party Secretary General, understated what former president Uhuru Kenyatta borrowed in 10 years ending in September 2022 by Ksh100 billion, he exaggerated what President Ruto has borrowed in his first 22 months in office by more than three times.
Central Bank data (see below screenshots) shows that President Kenyatta’s regime took loans worth Ksh6.8 trillion, which is the difference between Ksh8.70 trillion worth of dent in Spetember 2022 and the Ksh1.88 trillion debt when he took office in April 2013. Our analysis shows that this amount is Ksh100 billion more than what Kioni claims the former government borrowed in the ten-year period between April 2013 and September 2022.
At the same time, we established that it is false and misleading to claim that Ruto had borrowed Ksh5.2 trillion in his first 22 months in office. Official government statistics show that the stock of public debt has only increased by Ksh1.6 trillion since Ruto took over.
According to the CBK disclosures, when Ruto took office, Kenya’s public debt stood at Ksh8.7 trillion, and by March 2024, this debt had increased to Ksh10.3 trillion (see above).
Further, Maudhui House established that borrowing Ksh5.2 trillion in two years, as asserted by Kioni, would be in breach of the approved debt ceiling set by parliament in the national budget.
For instance, in the FY2022/2023 spending plan (See Page 3 summary), Kenya’s budget only allowed the government to borrow Ksh862.5 billion to meet the budget deficit for the 12-month period ended June 30, 2023.
According to the Treasury, this borrowing was to be achieved through Ksh581.7 million in domestic borrowing and Ksh280.7 billion from foreign financing.
In the following fiscal year, 2023/2024, parliament approved a deficit financing of KES718 billion (See Page 3 summary), consisting of Ksh586.5 billion in domestic financing and Ksh131.5 billion in foreign borrowing.
Overall, Central Bank data shows that during Uhuru’s tenure, which started in April 2013 and ended in September 2022, he borrowed a total of Ksh 6.8 trillion and not Ksh 6.7 trillion as claimed by Kioni. Under Uhuru’s tenure, Kenya’s domestic borrowing was Ksh 3,300,669.3 trillion, while the foreign debt incurred by the country was Ksh 3,517,994.26 trillion.
| PRESIDENT | PERIOD | TOTAL DEBT in billions (Ksh) | DOMESTIC DEBT in billions (Ksh) | FOREIGN DEBT In billions (Ksh) |
|---|---|---|---|---|
| Ruto | Sep.2022-March 2024 | 1,697,541.49 | 868,909.31 | 828,632.18 |
| Uhuru | April 2013- Sep.2022 | 6,818,663.56 | 3,300,669.3 | 3,517,994.26 |
According to the National Treasury’s annual public debt management report for financial year 2022/23 (See Page 30; screenshot below), the size of public debt is also affected by the prevailing exchange rate of the Kenyan Shilling against the US dollar. For instance, changes in the stock of public debt are partly attributed to the depreciation of the Kenyan shilling, not just new borrowing.
Additionally, a December 5, 2023, Business Daily article “Weak shilling adds KSh809Bn to Kenya external debt,” based on an analysis of Kenya’s public debt using documents from the Parliamentary Budget Office (PBO) for the 12 months to June 2023, the PBO states in part, “The new level of external debt stock was influenced by the depreciation of the exchange rate primarily the depreciation of the USD and the Euro, which account for 66.7 percent and 20.9 percent of the currency composition of total external debt stock.”
Maudhui House examined remarks by former MP Jeremiah Kioni which were captured by Citizen TV, claiming that in 10 years, former President Uhuru Kenyatta incurred a debt of Ksh6.7 trillion while his successor William Ruto has taken Ksh5.2 trillion in one year and 10 months and found it to be FALSE.
This fact-check was published by Muadhui House with support from Code for Africa’s PesaCheck and African Fact-Checking Alliance.
