By: John Kariuki
Farmers Party of Kenya Chairman Irungu Nyakera has implored upon the Government to tame extraneous spending.
Mr Nyakera notes,
“Nyakera Advises Govt To Tame Spending
“Our economy is suffocating under the weight of rising interest rates, soaring inflation, falling forex reserves, depreciating shilling, unsustained debt burden, falling revenue collections, under subscription of its local borrowings, and rising government spending.
GoK must act fast and contain its spending. It should look into the output of the parastatal reforms task force. Kenya has 260 parastatals, most of which are of zero social and economic benefits to the public. Over 80% of them are unprofitable and fully or partially rely on budgetary support from the treasury.
GoK should also relook itβs inflated wage bill which currently stands at over 550bn and growing on the back of fat allowances to civil servants. In 2022, the public wage bill ate into 46.3% of government revenues against the provisions of The Public Finance Management (PFM) Act, 2012, which requires that wage bill shall not be more than 35% of revenues.
As such, in Kenya our biggest problem is not taxes, itβs spending. We really know how to waste money.
Now letβs go to church and pray for our dear country, and itβs leaders, then pretend that everything else is ok.”
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