Nyakera slams Ruto’s govt for policy confusion after infrastructure fund approval
By Mabonga Makhanu, December 17, 2025Former Kenyatta International Convention Centre (KICC) CEO Irungu Nyakera has raised doubts over the possibility of raising Ksh5 trillion through the National Infrastructure Fund (NIF).
Nyakera said there is a conflict between the recently passed Privatisation Act and the introduction of the NIF.
He pointed out that the Privatisation Act requires all proceeds from the sale of public companies and assets to be paid into the Consolidated Fund, as outlined by the Constitution and the Public Finance Management (PFM) Act.
According to Nyakera, the creation of the NIF, which is meant to receive funds from the same sales, raises concerns about policy clarity and adherence to the law.
“This government is all drama and zero governance. Just two months ago, Parliament passed the Privatisation Act, making it clear that all proceeds from the sale of public companies/assets must be paid into the Consolidated Fund as required by the Constitution and the PFM Act,” Nyakera stated.
“Now we are suddenly being introduced to a so-called National Infrastructure Fund that is meant to receive proceeds from the very same companies/asset sales. This points at clear policy confusion and a deliberate attempt to sidestep the law and steal our money,” he added.
Also watch: Ruto urges cement firms to expand capacity for 5 trillion shilling infrastructure drive.
How will they generate
Nyakera also questioned how the government could generate Ksh5 trillion while borrowing to cover recurrent expenditures. He expressed concern over the country’s ability to pay teachers, settle pending bills, and maintain capitation funds while funding large infrastructure projects.
Nyakera stated that Kenya needs new leadership and better governance rather than new funds or slogans.
“The law aside, where are we getting Ksh5 trillion savings from at a time when we are borrowing to fund recurrent expenditure in clear violation of the PFM Act?? We can’t even pay JSS teachers or pending bills, and capitation is being reduced, yet we want Kenyans to believe we will raise Ksh5 trillion for mega projects??? Anyway. Kenya does not need new funds or new slogans – it just needs new leadership. Form ni WANTAM”
Cabinet approval
This comes days after the fund was approved by the Cabinet on Monday, December 15, 2025. The fund, which will be financed by proceeds from privatised state assets, will also receive contributions from investors.
A portion of it will be allocated to the Sovereign Wealth Fund (SWF), which will serve as a reserve for future generations to benefit from the proceeds of the sale of strategic national assets.
NIF purpose
The president believes the NIF is a step toward moving the country to first-world status, similar to Singapore. He clarified that the private limited liability company that will manage the NIF will have its officials competitively selected.