Safina Party presidential hopeful Jimmy Wanjigi addresses a County Hall consultative forum at Waterbuck Hotel in Nakuru County/SCREENGRAB
Safina Party presidential aspirant Jimmy Wanjigi has pledged that his administration would stop servicing what he described as illegally acquired public debt.
He argued that billions of shillings currently used to repay such loans should instead be invested in improving the lives of Kenyans.
Speaking during a County Hall consultative forum at Waterbuck Hotel in Nakuru County, Wanjigi said any debt that was not acquired in accordance with the Constitution and the law should not be honoured by a future government under his leadership.
"I will stop servicing illegal debts," Wanjigi declared.
He said his administration would engage lenders and explain that the loans were contracted without following Kenya's legal requirements.
"I will tell those who gave us the debts that they did not follow our laws," he said.
The forum brought together professionals, business leaders, youth, civil society representatives and other stakeholders from Nakuru County for an open discussion on the state of the nation and Kenya's future.
Wanjigi claimed that by 2027, the government would spend about Sh2.8 trillion servicing what he termed illegal debt, money he said could instead be redirected towards development programmes.
"In 2027, Sh2.8 trillion will be used to pay illegal debts. If we do not pay it, we will use that money for something else. Kenya will become like Dubai, and healthcare will be universal," he said.
The presidential hopeful argued that Kenya's growing debt burden has become a major obstacle to economic growth, claiming that about 65 per cent of government revenue is currently spent on debt servicing.
"This problem is not going anywhere now," he said, adding that the country's public debt had risen to about Sh13 trillion, which he attributed to what he described as government incompetence.
According to Wanjigi, the government's financial constraints have led to increased taxes and levies as it seeks additional revenue to meet its obligations.
"The levies keep rising because the government does not have money. The debt is not getting less, and we keep paying," he said.
He further claimed that domestic borrowing has crowded out private sector lending, making bank loans more expensive for businesses and individuals.
"Domestic debt goes towards paying salaries for civil servants. At the banks, loans are too expensive for Kenyans," he said.
Wanjigi challenged those seeking the presidency in the 2027 General Election to clearly state how they intend to tackle the country's debt burden.
"Those seeking the presidency should tell Kenyans what they will do about government debt," he said.
He maintained that debts not approved in accordance with constitutional and parliamentary requirements should not be serviced.
