President William Ruto’s latest remarks about Kenya’s public debt at the time he took over government have triggered fresh debate after the figure he cited appeared to differ significantly from data published by the Central Bank of Kenya (CBK).
Speaking during the Katiba@16 celebrations at the Kenyatta International Convention Centre on Thursday, August 27, Ruto claimed that the administration of former President Uhuru Kenyatta handed over a public debt of KSh10.3 trillion when he assumed office in 2022.
Ruto used the figure while defending his administration’s management of the country’s debt, arguing that Kenya’s debt had increased at a slower rate under his government compared with the previous administration.
“When my brother President Uhuru left office in 2022, he left behind a debt of KSh10.3 trillion,” Ruto said.
He went on to compare the figure with Kenya’s current debt, saying it had risen from KSh10.3 trillion to approximately KSh13 trillion under his administration.
However, figures published by the Central Bank of Kenya appear to tell a different story.
According to CBK’s Monthly Economic Indicators, Kenya’s public and publicly guaranteed debt stood at approximately KSh8.701 trillion in September 2022, around the time Ruto assumed the presidency.
The figure comprised KSh4.335 trillion in external debt and KSh4.366 trillion in domestic debt.
Domestic debt therefore accounted for slightly more than half of the total, while external obligations made up just under half.
The difference between the KSh10.3 trillion figure cited by Ruto and the KSh8.701 trillion recorded by CBK amounts to roughly KSh1.6 trillion, making the discrepancy difficult to overlook.
Interestingly, an earlier statement by State House Director of Public Communication Gerald Bitok appeared to support the CBK figure.
In a post on X published about two weeks before Ruto’s latest remarks, Bitok stated that the President had inherited a debt stock of KSh8.7 trillion when he entered State House.
Bitok also argued that Kenya’s debt had increased dramatically from approximately KSh1.89 trillion in 2013 to more than KSh8.7 trillion by 2022.
CBK data provides an even more detailed picture of the domestic debt inherited around that period.
Treasury bonds accounted for approximately KSh3.635 trillion, while Treasury bills stood at about KSh690.6 billion.
Commercial banks were among the major holders of government domestic debt, with approximately KSh2.032 trillion, while pension funds held around KSh1.430 trillion.
The conflicting figures have consequently raised questions over which debt measurement Ruto was referring to when he mentioned KSh10.3 trillion.
According to CBK’s Monthly Economic Indicators, Kenya’s public and publicly guaranteed debt stood at approximately KSh8.701 trillion in September 2022, around the time Ruto assumed the presidency.
The figure comprised KSh4.335 trillion in external debt and KSh4.366 trillion in domestic debt.
Domestic debt therefore accounted for slightly more than half of the total, while external obligations made up just under half.
The difference between the KSh10.3 trillion figure cited by Ruto and the KSh8.701 trillion recorded by CBK amounts to roughly KSh1.6 trillion, making the discrepancy difficult to overlook.
Interestingly, an earlier statement by State House Director of Public Communication Gerald Bitok appeared to support the CBK figure.
In a post on X published about two weeks before Ruto’s latest remarks, Bitok stated that the President had inherited a debt stock of KSh8.7 trillion when he entered State House.
Bitok also argued that Kenya’s debt had increased dramatically from approximately KSh1.89 trillion in 2013 to more than KSh8.7 trillion by 2022.
CBK data provides an even more detailed picture of the domestic debt inherited around that period.
Treasury bonds accounted for approximately KSh3.635 trillion, while Treasury bills stood at about KSh690.6 billion.
Commercial banks were among the major holders of government domestic debt, with approximately KSh2.032 trillion, while pension funds held around KSh1.430 trillion.
The conflicting figures have consequently raised questions over which debt measurement Ruto was referring to when he mentioned KSh10.3 trillion.
It is possible that different debt classifications, dates or liabilities could produce different totals. Public debt figures can vary depending on whether particular government obligations, guarantees or other liabilities are included.
However, based strictly on the CBK figure for September 2022, the public and publicly guaranteed debt stood at KSh8.701 trillion.
The issue has therefore reignited the wider debate over Kenya’s borrowing and the economic legacy left by successive administrations.
As Ruto continues defending his government’s fiscal record, the exact definition and calculation behind the KSh10.3 trillion figure will likely remain an important point of discussion.
For now, the publicly available CBK data and the earlier KSh8.7 trillion statement from State House appear to contrast with the President’s latest claim, leaving Kenyans with a straightforward question: which figure accurately represents the debt inherited in 2022?
However, based strictly on the CBK figure for September 2022, the public and publicly guaranteed debt stood at KSh8.701 trillion.
The issue has therefore reignited the wider debate over Kenya’s borrowing and the economic legacy left by successive administrations.
As Ruto continues defending his government’s fiscal record, the exact definition and calculation behind the KSh10.3 trillion figure will likely remain an important point of discussion.
For now, the publicly available CBK data and the earlier KSh8.7 trillion statement from State House appear to contrast with the President’s latest claim, leaving Kenyans with a straightforward question: which figure accurately represents the debt inherited in 2022?
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