Kenya’s public debt has surged to KSh 11.8 trillion as of June 2025, according to the Central Bank of Kenya (CBK). The figures reveal the pace of borrowing under President William Ruto’s administration, with critics warning that the country is sinking deeper into unsustainable debt.
Former National Assembly Budget Committee chair and Kiharu MP Ndindi Nyoro claimed that the Kenya Kwanza government has borrowed over KSh 3.5 trillion in just three years. He compared the figure to the KSh 1.2 trillion borrowed by former President Mwai Kibaki across his entire 10-year tenure.
“We have borrowed three times what Kibaki borrowed in 10 years. That’s the money Kenya has borrowed in the last three years alone, three times what Kibaki borrowed in 10 years. I have not included other debts that Kenya has now become clever at borrowing in the name of something called securitisation. I have not mentioned even that,” Nyoro said.
How Fast Is Kenya’s Debt Growing?
Nyoro further broke down the country’s debt accumulation rate, claiming that Kenya borrows KSh 100 billion every month, KSh 3.4 billion every day, and KSh 137 million every hour. He linked the trend to the upcoming elections, warning that governments tend to focus on re-election rather than long-term economic sustainability.
“I’m saying this because we are now headed to the elections, and what governments do. They focus more on re-election, and we forget that we have a country to lead after the elections,” he said.
The lawmaker also challenged the government to justify the use of funds, questioning the absence of visible projects equivalent to the borrowing. “President Kibaki did a lot of development. He borrowed only 1.2 trillion for a 10-year term. Where is the 1.2 trillion we are borrowing every year going?” Nyoro asked.
Which Debt Stock Is Rising the Fastest?
CBK data shows that domestic borrowing is rising sharply. By August 2025, the Ruto administration had borrowed over KSh 5 trillion in Treasury bonds and more than KSh 1 trillion in Treasury bills. Together with bank loans and other local sources, Kenya’s domestic debt now stands at more than KSh 6.4 trillion.
With debt levels nearing KSh 12 trillion, the pace of borrowing is fueling intense debate on fiscal responsibility, the future of development financing, and the country’s economic stability.
By Lucky Anyanje
