Safina Party leader Jimi Wanjigi./ENOS TECHE
Safina Party leader Jimi Wanjigi has launched a scathing attack on the 2026 Finance Bill and the Sh4.3 trillion national budget, urging Kenyans to reject what he termed a "debt budget" and warning financial institutions against participating in future government borrowing.
Wanjigi criticised the government for allegedly burdening citizens with excessive taxation while continuing to accumulate what he described as illegal and odious debt.
He said the proposed Finance Bill seeks to raise an additional Sh120 billion from taxpayers at a time when many Kenyans are struggling with the high cost of living.
"Today, Kenya's debt stands at Sh13 trillion, yet the country has little tangible infrastructural development to show for it. Every budget cycle is now designed around paying illegal creditors rather than improving the lives of wananchi," Wanjigi said on Monday during a press conference.
"This budget is not about development; it is about servicing debt, and I call on Kenyans to reject it."
He faulted the budget presented by Treasury Cabinet Secretary John Mbadi, claiming it prioritises debt repayment and further borrowing over economic growth and public welfare.
Safina Party leader Jimi Wanjigi./ENOS TECHE
The businessman-turned-politician also questioned government leaders who have previously acknowledged concerns over public debt but continue to support debt repayments.
He renewed his claims that Kenya's borrowing system operates through a secret sovereign bonds account allegedly established during the first Eurobond issuance in 2014.
According to him, the account exists outside the constitutionally established Consolidated Fund and has been used to facilitate borrowing without adequate oversight.
"Through this account, which bypasses the Controller of Budget's scrutiny and approval, domestic borrowing is done and used to pay illegally borrowed debt," he said.
Wanjigi argued that growing domestic borrowing poses a major threat to the economy, warning that it could crowd out private sector investment and increase pressure on businesses already struggling to access affordable credit.
He claimed that the government's dependence on Treasury bills and bonds was becoming unsustainable and would eventually slow economic activity.
The politician further alleged that budget estimates for the 2026/27 financial year fail to provide adequate details on domestic debt obligations.
He said the projected budget deficit of about Sh1.1 trillion would likely trigger additional borrowing and worsen the country's debt burden.
"The solution to Kenya's economic challenges is not more taxes. Kenyans are already overtaxed. Every new tax measure further weakens businesses, destroys jobs and reduces the purchasing power of wananchi," Wanjigi said.
In one of the most controversial sections of his statement, Wanjigi warned banks and investors against subscribing to government debt instruments, claiming such obligations would not be recognised by a future administration.
"He warned banks and any individual or institution attempting to subscribe to domestic debt that it is illegal, odious and shall not be honoured by the Kenyan people. Buyer beware," the statement said.
The remarks are likely to trigger debate within financial circles, where Treasury bills and bonds remain key instruments for government financing and investment.
Wanjigi also criticised what he described as a growing trend of financing debt repayments through fresh borrowing, saying the approach risks trapping the country in a cycle of perpetual indebtedness.
"Kenyans deserve to know: where is the development that justifies the trillions borrowed? We cannot continue borrowing to pay previous debts while citizens sink deeper into poverty," he said.
As part of what he termed the Safina economic agenda, Wanjigi proposed an end to payments on what he called odious debt, free healthcare, free primary and secondary education, replacing the 16 per cent VAT with a five per cent sales tax, and ending domestic borrowing by the government.
"The Safina vision is simple: No tax burden. No illegal borrowing. No debt slavery. Kenya must build an economy that works for its people, not one that serves creditors and debt collectors," he said.
His remarks come as Parliament begins scrutiny of the Finance Bill 2026 amid heightened public interest over taxation, government spending and Kenya's growing debt obligations.
