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No money in the Treasury for the inauguration. Its broke and accounts blinking red. -Treasury CS Henry Rotich

Treasury CS Henry Rotich. PHOTO | FILE
Treasury CS Henry Rotich. PHOTO | FILE
 The Kenya treasury goes broke after the Treasury CS Henry Rotich declared that Central bak has no Ksh300 Million money for the inauguration and swearing in of President-Elect Uhuru Kenyatta at Moi International Sports Centre, Kasarani.

The Treasury CS Rotich said that the Kenya Revenue Authority was not able to collect funds(Tax) due to the prolonged political situation in the country.

The treasury has up to Ksh. 200 Million to be set aside for the ceremony only. Treasury PS Joseph Kinyua disagreed with the team then headed by Francis Kimemia and slashed the sum to Sh200 million due to Treasury situation saying accounts are blinking red.

Government spokesman Eric Kiraithe said the problem is attributed to the government's inability to collect enough revenue owing to the long political season.

Presidential swearing in Committee members. PHOTO | PSCU

"As of yesterday evening, they were struggling and Treasury does not want to hear about money," Kiraithe said on Thursday. "Officers in charge of protocol and committee on Assumption of the Office of President are really crying."

He disclosed that the organizers and Treasury CS Henry Rotich were yet to agree on the budget for the ceremony.

"The committee is still negotiating on the budget with Treasury. The inauguration will be a freaky affair and the committee is struggling to do everything which would enable the event definitely meet the basic standard," Kiraithe said.

"I know by today all the figures will be available. When a head of states or friends of Kenya are invited, the expenditure in itself. Treasury is employing a cost-cutting measure which will affect things like entertainment."

Kiraithe stated this is to enable Uhuru's administration channel funds to its key priority projects which add value to citizen's lives.

"Jubilee priorities is to fund projects that add value to citizens. Any unnecessary expenditure will be cut out."

"A lot of resources were committed to security to prevent disruption of voting as was witnessed in some constituencies," he said. "Much expenditure could not have been incurred had people adhered to lawful ways of doing things."

Both elections were financed by debts from China and Japan. The elections consumed much cash that the government was not able to raise. According to the latest developments, the government is planning to take on another Eurobond so that to make it able to start its functions.

Already the Kenya debt has reached Ksh. 4.5 Trillion before the August elections/(2015-2016 financial year). The debts are expected to raise up to Ksh 6 Trillion by end of the 2016-2017 financial year.

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