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Treasury CS Njuguna Ndungu answers questions from MPs

Welcome to our live coverage of the question time in the National Assembly, where Cabinet Secretary for National Treasury and Economic Planning, Prof Njuguna Ndungu, is set to respond to a barrage of inquiries from Members of Parliament.

Cabinet Secretary for National Treasury and Economic Planning, Prof Njuguna Ndungu

This highly anticipated session promises to be a spirited exchange of ideas and information, as lawmakers seek clarity on a range of critical economic and financial matters affecting the nation.

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15:20

Treasury CS explains why KRA Service Revenue Assistants need paramilitary skills.

"The role of the revenue assistant officers is purely intelligence-gathering and management to detect, deter and stem tax evasion. It is related to fieldwork and it requires physical fitness alertness and swift and tactical skills hence the revenue service assistance program had a dimension of paramilitary training for effective policing interventions against VAT and excise tax leakages."

15:23

CS Njuguna Ndung'u says the government is yet to release of Sh 21.8 billion and Sh909 million towards restructuring of Nzoia Sugar Company Limited.

The funds were never appropriated after the change of government in March 2013.

As of June 2023, Nzoia Sugar's assets were Sh9.8 billion (non Current assets) and Sh1.49 billion (current assets). 

Negative capital reserves of Sh55.73 billion.

Total liabilities are 66.4 billion.

15:39

Treasury CS says the government owes political parties Sh30 billion through the Political Parties Fund.

15:50

Treasury CS reveals that as at September 2023, the Central Bank of Kenya had dollar reserves of $6.96 billion, which represents 3.7 months of import cover.

15:52

Foreign currency reserves that are held by commercial banks as at June 2023 were $1.15 billion.

16:00

CS Prof. Njuguna says it is illegal for businesses to refuse cash payments, because it is still recognized as a legal tender

16:21

Treasury CS says Cabinet vacated the plan to privatise five sugar mills:

  1. Nzoia Sugar
  2. Chemelil, Miwani (in receivership)
  3. Muhoroni (in receivership)
  4. South Nyanza Sugar Company, 
  5. Mumias Sugar Company (in receivership).
16:30

The Speaker of the National Assembly directs CS Prof Njuguna Ndung'u to prepare a comprehensive response regarding the delay in payment of teachers' pensions.

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