“Tell Kenyans Where the Trillions Went”: Nyoro Takes Aim at Ruto Over NIF

Kiharu Member of Parliament Ndindi Nyoro has mounted a strong challenge against the government’s establishment of the National Infrastructure Fund (NIF), accusing President William Ruto’s administration of failing to account for nearly Ksh4 trillion borrowed since 2022.

Speaking during a press address on Monday, the former Budget and Appropriations Committee chairperson said the government must first explain to Kenyans how it has spent the trillions already borrowed before introducing another mega funding vehicle.

Nyoro argued that transparency and accountability must take precedence over new borrowing and ambitious financial structures.

“We have borrowed close to 4 trillion shillings already, before setting up another trillion shillings fund. Those in government should face Kenyans and tell them what they have done with that money,” Nyoro said.

“Grandiose Plans” Versus Basic Services

The former Ruto ally questioned the government’s development narrative, saying lofty promises ring hollow when essential services such as education and healthcare remain underfunded.

He accused the administration of using headline-grabbing projects to divert attention from shrinking allocations to critical sectors.

“The government is coming to sell grandiose ideas so that Kenyans can lose track of the essentials. How do you tell Kenyans of grandiose plans when capitation is being reduced at the same time you are selling trillion plans,” he posed.

Debt Soars to Ksh12 Trillion

Nyoro’s remarks come against the backdrop of mounting public debt. A recent Central Bank of Kenya (CBK) report presented to the National Assembly’s Privatization Committee shows that Kenya’s debt rose to Ksh12 trillion in June 2025, up from Ksh8.5 trillion in June 2022.

The MP argued that the additional borrowing should have delivered visible and completed development projects across the country.

“Every constituency would have seen Ksh12 billion worth of development projects not being launched but completed. Every constituency would be having a 100-kilometre stretch of tarmac from the money we have borrowed,” he said.

Allegations of Illegal Borrowing

Nyoro further accused the government of making endless development promises without a matching delivery record. He also alleged that the administration has taken illegal loans outside the publicly known borrowing framework.

“It is now going to Ksh13 trillion. Securitization is not part of this. Talanta board is illegal. The money that built the Bomas of Kenya is also not part of this loan; it is an illegal loan. The illegal loans are the ones we can see what they are doing,” Nyoro claimed.

Government Pushes Ahead With NIF and SWF

On Monday, the Cabinet approved the creation of both the NIF and the Sovereign Wealth Fund (SWF), two flagship long-term transformation vehicles under President Ruto’s economic agenda.

According to the government, a competitively appointed board and chief executive officer will oversee the NIF, while the Sovereign Wealth Fund will operate under what officials describe as a robust policy framework designed to ensure prudent investment, fiscal discipline, and inter-generational equity.

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