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Kenyans,
Come here, again,
Still on SGR and Nairobi Expressway:
By now, we all know that China funded SGR 90% [KES 450 billion]
But to commit, China wanted proof that Kenya can fund the balance 10% [KES 50 billion]
So, Kenya Railways borrowed KES 50 billion from the treasury.
HOWEVER, the treasury deposited KES 644 BILLION [Instead of KES 50 billion]!
This begs the question,
Why did Kenya borrow KES 450 billion from China when it could have funded the entire SGR budget of KES 500 billion?
So, total money received KES 450 [China loan] + KES 50 [Kenya Railway] + KES 594 [GHOST LOAN from treasury] = Total approx KES 1.1 trillion.
Now,
KES 500 billion built the SGR.
Balance = KES 594 Billion.
Of this balance [594 Billion], a portion of it [KES 100 Billion] is suspected to have been used to build the Nairobi Expressway through Proxies, shadowy private companies masquerading as China Roads and Bridge.
So, who took the balance [KES 494 Billion]?
NO EUROBOND built SGR.
NO EUROBOND built Expressway.
Where is EUROBOND?
Let us face Kenyans directly in their eyes and tell them THE TRUTH.
Only a PUBLIC AUDIT of our DEBT REGISTER will reveal the true status of our domestic and foreign debt obligations.
For every KES 100 received by the Government as revenue, KES 70 is used to pay these loans.
KES 30 is left for government functions, and that is why so many illegal FUNDS are being set up.
Kenya is now like someone with endless FULIZA on his SIM card:
"Don't send money on this number [Consolidated Fund], it has FULIZA, send the money on my new numbers (Infrastructure, Wealth, Housing levy FUNDS)."
This is not sustainable.
This is Voodoo Economics.
This is unconstitutional.
The individuals who pocketed the Eurobond should be held accountable.
Otherwise, when the storm shall gather, there will be nowhere to hide.
Kenyans,
Come,
Let me tell you something,
THE GOVERNMENT IS BROKE.
Don't be fooled by stories.
When Uhuru borrowed EUROBOND, the aim was to free the domestic financial market [Banks, SACCOs] because the government didn't have to borrow locally.
This means it would be easier for you to borrow locally [Loans] to do business or invest.
Banks would be hawking loans, their loan agents loitering in offices, begging you to apply for loans.
This occurred during Kibaki's presidency. Bank loans were easily given.
But because Uhuru misused the Eurobond, the government is now borrowing locally to fund the budget.
Go to a bank and apply for a loan, and see if you will be given one.
You won't.
The interest is also high.
Because the Government is heavily borrowing from local banks, and for banks, the Government is a profitable customer.
It is the reason why so many microfinance kiosks are mushrooming everywhere, taking advantage of the desperation of Kenyans seeking credit.
But do you know who will pay for these loans?
Your TAXES.
Do you know whose money is in these banks?
It is YOUR MONEY.
Banks don't have money.
The money in banks is your salary, your business income, your profits, your M-Pesa deposits. All these funds are held by these banks for your benefit.
The government borrows your money from these banks, then repays your money in the banks with your taxes.
The government has to:
• Pay Eurobond
• Pay bank loans
• Pay salaries
• Fund infrastructure development
• Fuel the president's car
These can only be achieved by either DEFAULTING on these loans or raising TAXES.
Therefore, the banks and government are doing business [illegally] with your money.
This illegal business between the government and the bank is not making sense.
Here is why,
The total assets of banks are KES 7.7 trillion.
Banks have loaned people [You and me] KES 4.0 Trillion.
Banks have loaned the government KES 6.8 trillion.
6.8 + 4.0 = 10.8.
10.8 loaned against their assets of 7.7 is impossible. Does that mean banks made a loss of 3.1 trillion?
This is not sustainable.
Meanwhile, for this government to function, it has to create a sovereign fund, an infrastructure fund and other funds like a housing levy [which are illegal] to survive.
Countries create this fund as a basket for surplus revenue or profit from their exports, such as the sale of Oil.
A fund is a separate basket, distinct from the consolidated fund, where money is pooled and kept for future use.
Since these funds are not sanctioned by parliament, they can't be audited or budgeted constitutionally.
President Ruto must do the right thing and stop going around corners.
Arrest the people who pocketed EUROBOND,
He knows them.
DON'T PAY the illegal debts.
He knows he will ultimately default.
Otherwise, the next finance bill will be worse.