Kiharu Member of Parliament (MP), Ndindi Nyoro, has defended his record as former chairperson of the National Assembly Budget and Appropriations Committee, amid a growing public disagreement with Treasury Cabinet Secretary John Mbadi over the controversial issue of securitisation.

Speaking in an interview on a local TV station on Friday, December 26, 2025, Nyoro said claims linking him to securitisation plans during his tenure were misleading and unfair, insisting that no securitisation was done, approved, or even laid as a foundation while he chaired the powerful budget committee.

“When you hear me talk about debt and the rest, it was actually not in the purview of the budget. The committees work closely, which often creates confusion among the public,” he said.

“I am glad that even during that time that I was serving Kenyans in that capacity, there was no securitisation that was done.”

 According to him, securitisation and debt issues fall mainly under the debt and privatisation mandate, not the budget committee.

Nyoro explained that decisions in Parliament are not made by individuals acting alone. He said once an executive position is taken, it is discussed with departmental committees, including budget, often behind closed doors.

While members may raise concerns, once a collective position is agreed on, leaders are expected to support it publicly for unity and discipline.

“I am not trying to run away from responsibility. But let us be real. Do you think the things you do are your own mind? No. We cannot do securitisation. It is wrong.” He stated.

He recalled a key meeting involving senior officials from the National Treasury where securitisation was discussed and firmly rejected. Nyoro said all senior Treasury officials present opposed the idea, which is why none of them signed documents supporting it.

“That is why even when you look at the documents on securitisation, all the experienced officers of the National Treasury never signed anywhere. They knew it is wrong,” the MP revealed.

Nyoro-Mbadi jolts

Turning his criticism to Mbadi, Nyoro questioned why the Treasury CS has become the lone public defender of securitisation.

 “How come he is the only spokesman for this thing? And none of the senior Treasury officials have spoken in support of it,” he posed.

Among the issues that Nyoro has voiced is Safaricom’s share sale who he has urged the government to give room for competitive bidding to stop undervaluing the telecommunications giant.

But the CS rejected criticism from Kiharu MP Ndindi Nyoro over the government’s planned sale of a 15 per cent stake in Safaricom.

Speaking during a morning TV interview on Friday, December 5, 2025, Mbadi said Nyoro’s claims that the government is underselling Safaricom are based on a misunderstanding of how share valuation works.

“You know, we need some fact-check on what he said because he is mixing me,” Mbadi said.

He explained that valuing a firm as an entity is very different from valuing its shares.

“First, is he talking about the valuation of the firm or the share prices? These are totally different things. When you value a firm as an entity, the value would be different. It is not the same as the value of the shares. These are basic accounting facts,” he added.

Mbadi questioned Nyoro’s expertise in the area, suggesting that economists are not necessarily strong in valuation.

“The bottom line is the value of the shares is not equal to the value of the firm. I saw a writer saying that Safaricom today could be worth Ksh2.5 trillion, something like that. Fine, it could be. But we are not selling the company as a going concern. We are offloading shares. Shares can only be sold at market price,” Mbadi said.