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Auditor-General to hand PAC Eurobond, NYS saga audit reports

06 January 2016, 14:12 Samuel Kisika

Nairobi - The National Assembly Public Accounts committee (PAC) is set to receive audit reports on alleged misappropriation of Eurobond and National Youth Service (NYS) funds within two weeks. 

PAC Chairman, Nicholas Gumbo said the two key reports to be submitted by the Auditor General, Edward Ouko are part of the 2014/15 financial year audit report workload whose findings his committee expects to deliberate on when it resumes its sittings on January 18.

"We expect to receive Special Audit reports from the Auditor General on both the NYS and the Eurobond," Gumbo told members of his committee.

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"These are matters of extreme national interest that will require ultimate commitment and devotion to the ideals of our nation if we are to meet the expectations of our employers," he added. 

Gumbo, who is also the Rarieda MP said his committee would like to know why good sum of Eurobond's KES 250 billion injected into the economy was not felt contrary to taxpayers' expectation interest rates could go down, boost investment to spur economic growth and improve people's living standards. 

The opposition led by CORD leader Raila Odinga, the civil society and economists have persistently raised questions on the expenditure of the Eurobond cash in addition to seeking answers from Treasury and Jubilee administration on why the funds were deposited and spent from an offshore bank account contrary to the law. 

National Treasury Cabinet Secretary, Henry Rotich while defending his ministry's actions explained that the government used KES 78.8 billion shillings out of the KES 289 billion shillings realized from the international sovereign bond to settle rescheduled syndicated loans and infrastructure development.

He added that the remaining cash had been injected into the budget to fund government spending. The NYS saga whose investigation is ongoing by anti-corruption agencies led to loss of the taxpayers' KES 791 million through fraudulent practices in the Devolution ministry headed by Anne Waiguru, who resigned following relentless public outcry.

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