Sharp Daily
No Result
View All Result
Thursday, October 9, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home News

MPs accuse Treasury of deliberate KES 218.5 billion funding delays on vital projects

Brian Murimi by Brian Murimi
September 14, 2024
in News
Reading Time: 2 mins read
Photo/[courtesy]

Photo/[courtesy]

Members of Parliament have accused the National Treasury with deliberately undermining crucial development projects by withholding KES 218.5 billion intended for several government departments.

This allegation emerged during a tense meeting of the Departmental Committee on Trade, Industry, and Cooperatives, where lawmakers, led by Hon. James Gakuya, expressed grave concerns over the Treasury’s failure to disburse funds.

The funds in question were designated for five state agencies under the Ministry of Cooperatives and Micro, Small, and Medium Enterprises (MSMEs), including the departments of Investment Promotion, Industry, Trade, Cooperatives, and MSMEs. Hon. Gakuya, leading the committee, expressed significant concern, accusing the Treasury of undermining the government’s industrialisation and manufacturing efforts.

“Our biggest concern as a committee is that the National Treasury has decided to kill industrialisation and the manufacturing sector by starving the state departments of funds,” said Hon. Gakuya, highlighting the potential damage to the country’s economic growth and industrial base.

RELATEDPOSTS

Steps banks can take to align with fair lending practices

August 7, 2025

Treasury admits KES 73 billion budget error, seeks parliament’s approval for correction

March 7, 2025

Committee Vice Chairperson Hon. Marianne Kitany further questioned the rationale behind the fund withholding, emphasizing the importance of investment for revenue generation.

“For the government to collect more revenue in key sectors of the economy, it has to invest funds to spur growth. How do you project to get revenue when you are not investing?” she asked.

In response, Treasury officials, including Bernard Ndungu, Director General of Accounting Services, and Francis Anyona, Director of Budget, attributed the funding delays to a shortfall in revenue and limited cash resources. Ndungu explained that the Treasury must prioritize public debt, security, salaries, county allocations, and essential social programmes such as education and health over other expenditures due to financial constraints.

The funding delays have critically impacted several high-profile projects. Among the most affected is the construction of six Export Promotion Zones (EPZs), each initially allocated KES 500 million for a total of KES 3 billion in the previous financial year. To date, only KES 300 million has been disbursed for these projects, which were a priority of President William Ruto aimed at boosting export-driven growth.

Similarly, the Coffee Cherry Fund, vital for supporting coffee farmers, has received only KES 500 million of its KES 4 billion allocation for the 2023/24 budget. Additionally, KES 350 million allocated for the modernization of Kenya Planters Cooperative Union (KPCU) warehouses remains unreleased, despite being included in the Supplementary Budget II of 2023/2024.

Previous Post

Understanding private equity, venture capital, and impact investing

Next Post

The rise of mixed-use developments in Kenya’s real estate market

Brian Murimi

Brian Murimi

Brian Murimi is a journalist with major interests in covering tech, corporates, startups and business news. When he's not writing, you can find him gaming, watching football or sipping a nice cup of tea. Send tips via bireri@thesharpdaily.com

Related Posts

News

Kenya Q2’ 2025 GDP growth accelerates to 5.0%

October 3, 2025
News

Argentina’s crisis and Kenya’s lessons on political economy and market confidence

September 25, 2025
News

Kenya’s financial system remains stable but faces rising risks

September 25, 2025
News

Where do Kenyan stock returns come from? A napkin framework

September 19, 2025
News

September snapshot: CMMF yields 13.12% as month unfolds

September 5, 2025
Private equity investment business concept
News

Private equity and insurance

September 4, 2025

LATEST STORIES

The economic and environmental gains of Kenya’s LPG shift

October 8, 2025

Equities, Bonds, or Fixed Deposits?

October 7, 2025

Kenya’s Inflation is creeping up, What it means for investors

October 7, 2025

The Role of Micro-Pensions Plans in Kenya

October 3, 2025

Understanding the link between international aid and cooperative finance stability in Sub-Saharan Africa

October 3, 2025

Kenya Pipeline Company IPO

October 3, 2025

Kenya Q2’ 2025 GDP growth accelerates to 5.0%

October 3, 2025

Kenya’s Regulated SACCOs Cross Trillion Shilling Mark

October 2, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024