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Deputy President Rigathi Gachagua now claims that the Kenyan shilling is falling short against the United States (US) dollar because of a multi-billion scandal at the Central Bank of Kenya (CBK) during former President Uhuru Kenyatta’s regime.

Speaking during the ICPAK annual seminar held in Mombasa on Tuesday, November 21, 2023, Gachagua claimed that the shilling which is currently at 152.44 against the dollar, as confirmed by CBK weakened because $2 billion (Ksh305.2 billion) was withdrawn from the central bank and deposited into a private bank.

The DP went on to accuse former President Kenyatta’s administration of overborrowing and plunging the country into a debt hole.

“We have huge debts because of irresponsible borrowing, when we tell the story because we are going to tell the story, people will be shocked. How 2 billion US dollars was taken from the Central Bank and put in a private bank that is responsible for the weakening of the Kenyan shilling,” he said.

“We had said let bygones be bygones but we are going to have the discussion, we have put figures in place on who took what so that Kenyans can know why we are in this mess, to be fair to everybody, how do people expect to fix a ten-year mess in one year?” he posed.

Further, Gachagua assured Kenyans that the Kenya Kwanza administration is fighting tooth and nail to restore the country’s dwindling economy.

“When citizens learn the truth they will make a judgment on who is right and who is wrong and I can assure you the president and I are determined to fix the economy and this economy,” Gachagua added.

At the same time, the DP justified the government’s move to increase taxes noting that the country’s ballooned debts must be paid.

He additionally underscored that the current regime inherited empty coffers and huge debts adding that those complaining and criticizing the government should offer solutions.

“Those debts must be paid and they will be paid by the people of Kenya, what we agreed under the leadership of William Ruto is that we found ourselves in a hole and what you do if you are an intelligent person is your first empty it and figure out how to get out and that’s what we have done, tightening revenue collection, sealing leakages, making sure that every cent is collected to pay public debt.

“All those people who are criticizing President William Ruto need to be honest, are they telling the president not to honour the debts? These are debts for the republic of Kenya, although they were not committed by the present administration, they were debts committed by the government of Kenya,” DP Gachagua said.

Adding:

“Don’t just shout offer a solution, these debts are on record, we did not borrow, us we were in the forests, William Ruto alikua ametengwa nje he was not attending cabinet, nor the national security council, he was not part of committing the country to those debts, but he is the president, he has to figure out how to repay those debts,”