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Treasury refutes Raila’s claims on Eurobond expenditure

26 October 2015, 11:32 Dennis Omido

Nairobi - National Treasury Principal Secretary, Kamau Thugge has dismissed Cord leader Raila Odinga’s allegations that senior government officials are using funds from the Eurobond for personal trading.

According to the PS, Treasury has accounted for every single shilling and none is missing as claimed by the former Prime Minister.

“Every single shilling has been accounted for and there is no single shilling that is missing. Anybody who says there is something missing is either lying or lacking facts,” Thugge said.

He maintained that no money was deposited in foreign private accounts as claimed by Odinga, adding that even the Auditor General and Controller of Budget can attest to that.

Read Also: Youth Fund CEO suspended over KES 200 million fraud

“All the proceeds from the bond were deposited at the Central Bank of Kenya and the Controller of Budget has indicated that no money has been withdrawn without her approval, so anybody who is saying that money is missing is not saying the truth,” Thugge said.

He said Treasury has been very transparent concerning the bond and even the investors have no issues about the money.

“All the proceeds of the sovereign bond were used for the purposes that the bond was issued. The funds were used to support our budget, build infrastructure, and payment of syndicated loan and all that has come true,” Thugge said.

National Assembly’s Majority Leader, Aden Duale also rubbished Odinga’s claims terming them as misguided and unfortunate.

He said the main objective of going for the Eurobond was to prevent the government from competing with the private sector in domestic borrowing, adding that they have looked elsewhere to source for more than KES 283 billion.

According to Duale, part of the proceeds from the Eurobond were used to offset the loan that the Kibaki administration borrowed from local banks and other financial institutions and the remaining amount was not stashed in foreign accounts, as alleged by Odinga, but deposited at the CBK.

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