Ruto takes on Raila over Eurobond

November 1, 2015 10:15 am
Ruto opens a school in Tana River county
Ruto opens a school in Tana River county

, NAIROBI, Kenya, Oct 31 – Deputy President William Ruto on Friday and Saturday led Jubilee leaders in defending the Executive’s handling of Sh204 billion raised by the June 2014 Eurobond.

Addressing area residents in Kwale on Friday, Ruto said the Jubilee administration wasn’t trading with the money raised through the bond, as they’ve been accused by opposition leader Raila Odinga.

“As a government we will ensure we answer all your questions on how public funds are utilised. It doesn’t matter whether it’s money raised through taxes, the Eurobond or from donors, we are ready to give a detailed break down of how we’ve used or plan to use it,” he said.

Leader of the majority in the National Assembly Aden Duale was less diplomatic in his approach on Saturday when he joined Ruto in addressing Tana River residents in Garsen.

“What does he (Raila) know of economic affairs? He woke up one morning and started talking about the Eurobond and interest rates of which he knows nothing about. They’re not riddles or football. Running a government is no small thing,” Duale said.

The controversy surrounding the Eurobond began when the Controller of Budget Agnes Odhiambo, told the Public Accounts Committee of the National Assembly that monies were withdrawn from the offshore account that held the billions raised through the Eurobond under suspicious circumstances.

She therefore called on the National Assembly to expand the powers of her office so that the National Treasury would need her office’s authorisation to withdraw funds not only from the nation’s coffers but offshore as well.

But the National Treasury Cabinet Secretary Henry Rotich has denied there being any underhand dealings in the management of the funds raised through the Eurobond.

He said all the necessary authorisations were sought and obtained before the funds were moved.

“The proceeds of the Sovereign Bond issued in June, 2014 and the Tap Sales issued in December, 2014 were fully accounted for and were transferred to the CBK, from where the authority to withdraw funds was sought and provided by the Controller of Budget. The Auditor General has confirmed that all funds have been accounted for,” he said.

Kenya floated the Eurobond, for the first time, in 2014 in a bid to raise funds to finance infrastructure development and raise money to pay a Sh61 billion syndicated loan.


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