Posted 4/6/2024, 4:00:00 AM
Ruto spends big on debt despite higher taxes, limiting development funding
- Despite collecting more taxes, President Ruto has borrowed 37.8% of revenues raised vs 31.7% for Uhuru and 26% for Kibaki in first 18 months
- Ruto spent just 11.7% on development vs 15.6% for Uhuru and Kibaki in first 18 months, despite higher revenues
- Half of Ruto's spending goes to debt service, limiting funds available for development
- New taxes introduced by Ruto blamed for KRA missing revenue targets
- Business groups say new taxes are hurting productivity and job creation