Former Chief Justice David Maraga has launched a scathing attack on the government’s borrowing strategy, claiming that Kenya’s economic woes are a result of systemic mismanagement rather than a lack of resources.

Speaking during the opening of the United Green Movement (UGM) Party office in Busia on Monday, April 20, 2026, Maraga argued that the country is being buried under a mountain of debt that fails to benefit the common mwananchi.

According to Maraga, Kenya’s total debt has now surged past the 12 trillion shilling mark, with more than 7 trillion shillings of that amount being domestic debt.

Effect of domestic borrowing

He explained that by borrowing so heavily from local banks, the government is effectively crowding out the private sector, adding that this practice drives interest rates so high that they become too expensive for ordinary citizens and business owners to access credit.

“Serikali ikikopa pesa sana kutoka kwa banki ya hapa nchini hiyo inafanya mabanki kuweka interest kuwa juu sana ambao mwananchi hawezi kuchukua kuchukua loan that’s why ndio sasa wakati huu hatuoni pesa sababu wafanyibiashara hawawezi kuchukua loan it is too expensive. hiyo ndio shida na hii hii kukopa wanaendelea kukopa,” Maraga said.

Maraga further alleged that a significant portion of the money is looted. He pointed to infrastructure projects as a primary area of concern, claiming that roads are being built at more than three times their actual cost.

“Hii borrowing haitusaidii sababu hiyo pesa ikikuja nyingi yao inaporwa, kama ni barabara inajengwa, inajengwa for more than three times the cost ya hiyo barabara,” Maraga stated.

Public debt context and borrowing framework

Kenya’s public debt has continued to rise, surpassing Ksh 12 trillion, with the government relying on external and domestic borrowing to finance budget deficits and refinance maturing obligations. Sovereign bonds have remained a key instrument in mobilising international capital for infrastructure and fiscal support.

The Eurobond programme, introduced in 2014, has been used to support development financing and liability management operations. Successive issuances have targeted sectors including infrastructure, energy, and budgetary support, alongside refinancing of existing external debt obligations.

Concerns over debt transparency and utilisation have periodically emerged in public discourse, with oversight bodies and parliamentary committees examining how borrowed funds are allocated and reported within the national budget framework.