Dr. Fred Ogola: “This is not a Mwananchi budget, work hard to survive.”
This year’s budget is expected to shoot up to over 3 trillion shillings up from the current 2.8 trillion shillings.
Dr. Ogola: “The invincible hand in this budget is IMF.”
These figures are mind-boggling, but they all boil down to the cost of living for you and I.
The task facing Treasury Cabinet Secretary Ambassador Ukur Yattani is a tough one; just as tough as the challenges you may be facing in your household and in meeting your financial commitments.
Dr. Ogola: “Economies that do well always have savings, Kenya is not a saving economy.”
Dr. Ogola: “We should not blame IMF for lending us money but thank it for making Kenya functional. Bank’s work is to get money from those with surplus and give to those with deficit.”
This is the last full financial year of the Jubilee Administration, and by the next budget, we will be counting months to the end of the Uhuru Kenyatta administration.
One of the astonishing statements from the President in the recent past was his admission that 2 billion shillings of public money is lost everyday to corruption: at that rate we can conclude that a significant part of the 3 trillion shillings budget will be stolen!
Dr. Ogola: “We are going to lose more money with this 3.6 trillion shillings budget through corruption.”
Dr. Ogola: “The problem of borrowing is that once you borrow money you stop working for yourself, you start working for the lender.“