Part of Sh200b sovereign bond cash ‘secretly’ deposited in offshore account

The national government has already spent part of the $2 billion (Sh204.6 billion at current exchange rates) raised through a sovereign bond without approval from the Controller of Budget.

National Treasury Principal Secretary Kamau Thugge told the National Assembly’s Parliamentary Accounts Committee (PAC) that proceeds from the sovereign bond were deposited in an offshore account to enable the Government to pay a syndicated loan without incurring extra costs.