Lobby groups seeks withdrawal of Sovereign Wealth Fund Bill

Several civil groups under Okoa Uchumi Campaign now want Parliament to halt the Sovereign Wealth Fund Bill 2026, citing a lack of public participation.

While the organisations argue that establishing the fund is timely for long-term financial stability, such a kitty must be built through the right legal and policy processes.

In a joint statement, the groups stated that before passing the Sovereign Wealth Fund Bill, parliament has an obligation to the Kenyan people to provide clear, satisfactory answers.

"The development of this Bill should have been preceded by a Sessional paper, approved by the National Assembly, that clearly articulates the policy rationale funding model governance framework, and links the Fund to Kenya's National development priorities," stated Elvis Wambura, founder and chairperson of Special Interests Group. 

The groups further argue that the Bill lacks binding safeguards against random allocations, politically motivated withdrawals, and misuse of reserves, adding that without robust ring-fencing provisions, nothing stops the fund from becoming an election-season cash reserve.

"Parliament cannot credibly pass the Sovereign Wealth Bill without first resolving these fundamental overlaps. Citizens cannot be asked to tighten their belts while parliament simultaneously creates opaque financial vehicles with weak accountability safeguards," the groups said.

The groups also urged legislators to protect the independence of oversight institutions, such as the Controller of Budget and the Auditor General, from interference by the executive.

"The parliament should ensure that both the Sovereign Wealth Fund and National Infrastructure Fund  operate strictly within the existing Public Finance Management and Public Procurement legal frameworks."