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CORD demands answers on Sh141b Eurobond proceeds

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The Opposition has increased pressure on President Uhuru Kenyatta and his administration to explain how the Sh141 billion proceeds from the Eurobond was spent.

The Coalition for Reforms and Democracy (CORD) leaders also criticised the President's remarks that the economy was doing well and urged Kenyans to declare the Jubilee administration a "national disaster".

The Opposition wants a specific breakdown of how the Eurobond money was spent. Treasury has published figures it says show how the funds were allocated to various ministries but critics want proof of specific projects on which the money was spent.

"We insist that this kind of money cannot be absorbed by the economy in one year and if it were, the result would be visible from far and wide. It could build a new Thika Superhighway plus all the bypasses around Nairobi. It could finance Kengen's 280MW project in addition to building a greenfield terminal, Lamu Port and more. Where are the projects that the Sh141 billion was spent on?" the Opposition asked in a statement.

Monday, MPs Abdikadir Aden (Balambala), Opiyo Wandayi (Ugunja), Oyugi Magwanga (Kasipul) and Homa Bay Woman Representative Gladys Wanga asked the Government to admit that the economy was performing poorly.

"As a handful of powerful individuals corruptly acquire wealth, the burden to repay is placed on the children and grandchildren of millions of poor Kenyans," Mr Wandayi said in a statement.

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