Eurobond billions: The anatomy of a grand heist

National Treasury Cabinet Secretary Henry Rotich speaks during handover of the Energy and Petroleum Ministry to the new Cabinet Secretary Charles Keter at Nyayo House, Nairobi, on December 22, 2015. The National Treasury has maintained that money from Eurobond proceeds was disbursed to state departments and spent on development during the financial year. PHOTO | SALATON NJAU | NATION MEDIA GROUP

What you need to know:

  • On the same day, it transferred $394 million (Sh35 billion). The two transactions add up to exactly $1 billion, which left $998 million in that account.
  • The government has also tried to suggest that Sh120 billion was used to pay pending bills owed to road contractors.
  • The Deputy President went on to elaborate that the money was spent on budget support, including sanitary towels, the National Hospital Insurance Fund and I don’t know what else.
  • The standout figures are in the energy sector where nine projects with a budget of Sh50 billion are shown to have spent Sh1.116 trillion, an “overspend” of Sh67 billion.

Let us start with what we know. The government raised $2 billion (Sh176 billion) from the first issue of the Eurobond in the last week of June 2014.


You're all set to enjoy unlimited Prime content.