Why the math doesn’t add up in Eurobond saga

Controller of Budget Agnes Odhiambo. The Controller of Budget is the gatekeeper of the Exchequer account. FILE PHOTO | DIANA NGILA | NATION MEDIA GROUP.

What you need to know:

  • Simply, the article says that all national government revenues must be paid into the Consolidated Fund — also known as the Exchequer account.
  • The money must go into the Exchequer account, which is subject to multiple audits first by the Controller of Budget, secondly, the Auditor-General and finally by the National Assembly.
  • Considering that we earned Sh173.91 billion ($2 billion) from the Eurobond in June 2014 plus another Sh73.8 billion , making a total of Sh247.7 billion ($2.81billion) — this leaves a gap of Sh86.07 billion.

To get to the bottom of the Eurobond saga, you start by going to Article 206(I)A of the Constitution.

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