Mbadi dismisses claims of Kenya taking secret loans
By William Muthama, August 29, 2025The National Treasury and Economic Planning Cabinet Secretary John Mbadi has strongly dismissed claims that the government has taken secret loans, insisting that all information on Kenya’s securitisation plan is public and accessible.
Speaking during an interview on a local TV on Thursday, August 29, 2025, Mbadi defended the government’s financial strategy, stressing that claims by some Members of Parliament that Kenyans were being burdened with hidden debt were misleading.
He maintained that the Treasury has been transparent and that relevant documents are available on its website.
The CS pointed out that institutions such as Kenya Commercial Bank (KCB) and Equity Bank had already accessed securitisation documents because they had shown interest in investing.
“Why can’t you have access to it? It’s only that you don’t have money to invest. Those who have money have seen this document,” Mbadi said, adding with a light touch that the information is open for scrutiny.
He emphasised that securitisation is not a loan but a financial tool where the government sells rights to collect future revenues, particularly for road projects.
“There is nothing secret about securitisation. This is a very noble idea,” Mbadi explained.
Mbadi said Treasury records are uploaded and accessible, arguing that MPs and media should not mislead the public by alleging secrecy. “If you want that information, you can get it. I can even provide it,” he said.
The CS challenged those raising questions to officially request the documents instead of claiming they are hidden. He insisted that the process has been conducted transparently and within legal frameworks.
Roads and pending bills
Addressing utilisation of the funds, Mbadi disclosed that the securitisation scheme had so far raised at least Ksh60 billion, much of which has been directed to settling pending bills in the roads sector.
“We had paid 40 per cent to contractors and were to pay another 40 per cent. The funds were meant purely for roads, nothing else,” he clarified.
He further noted that an additional Ksh60 billion was expected, which would boost the programme’s ability to sustain infrastructure projects while managing debt obligations.
Mbadi concluded by reiterating that there is no basis for the claim of secret loans, stressing that securitisation is a forward-looking financing mechanism designed to ease pressure on taxpayers while ensuring the completion of essential projects.