He cited the Talanta Stadium project as one of the major developments funded through what he termed “off the books” loans.
Nyoro, who has become one of the loudest critics of the government’s financial management since losing his position as Budget Committee chair, told accountants on Wednesday that Kenyans were not being given the real picture of the country’s debt burden.
Speaking during the 42nd Annual ICPAK Seminar in Mombasa, the MP claimed that Kenya’s debt had already surpassed the 70 percent debt-to-GDP ratio, far above what official government reports indicate.
According to Nyoro, Kenya’s economy is valued at roughly Ksh16.9 trillion, while the country’s true debt has climbed to Ksh12.5 trillion, even without counting hidden obligations.
Nyoro, who has become one of the loudest critics of the government’s financial management since losing his position as Budget Committee chair, told accountants on Wednesday that Kenyans were not being given the real picture of the country’s debt burden.
Speaking during the 42nd Annual ICPAK Seminar in Mombasa, the MP claimed that Kenya’s debt had already surpassed the 70 percent debt-to-GDP ratio, far above what official government reports indicate.
According to Nyoro, Kenya’s economy is valued at roughly Ksh16.9 trillion, while the country’s true debt has climbed to Ksh12.5 trillion, even without counting hidden obligations.
He warned that extra liabilities arising from indirect borrowing methods were pushing the country further into financial distress.
A major example, he said, is the Ksh45 billion Talanta Stadium project. Although the funds were not listed under traditional Treasury borrowing, Nyoro claimed they were sourced through an arrangement that commits the state to long-term repayment through the Sports Fund.
He explained that under the repayment plan, the government must remit Ksh500 million every month for 15 years. At the end of that period, Kenya will have paid Ksh100 billion in interest alone.
“At the end of 15 years, from a debt of Ksh45 billion, Kenya will pay interest of Ksh100 billion. So the total cost of the Talanta Stadium will be Ksh145 billion,” Nyoro stated.
Photos released earlier in September show that construction at the stadium—expected to host 60,000 spectators—has made significant progress.
A major example, he said, is the Ksh45 billion Talanta Stadium project. Although the funds were not listed under traditional Treasury borrowing, Nyoro claimed they were sourced through an arrangement that commits the state to long-term repayment through the Sports Fund.
He explained that under the repayment plan, the government must remit Ksh500 million every month for 15 years. At the end of that period, Kenya will have paid Ksh100 billion in interest alone.
“At the end of 15 years, from a debt of Ksh45 billion, Kenya will pay interest of Ksh100 billion. So the total cost of the Talanta Stadium will be Ksh145 billion,” Nyoro stated.
Photos released earlier in September show that construction at the stadium—expected to host 60,000 spectators—has made significant progress.
But Nyoro insists the funding model behind it reflects a larger pattern of concealed government borrowing.
The legislator accused the government of taking on extra obligations through methods such as securitisation, fuel levy-backed advances and other undeclared financial arrangements.
The legislator accused the government of taking on extra obligations through methods such as securitisation, fuel levy-backed advances and other undeclared financial arrangements.
He argued that these practices inflate national debt without appearing in official records.
Despite his criticism, Nyoro clarified that he is not opposing borrowing entirely. Instead, he urged the government to embrace financial transparency and allow taxpayers to understand the true cost of major projects.
“Borrowing is not the problem. The issue is clarity. Kenyans must know how much is being borrowed, under what terms, and for which projects,” he said.
Meanwhile, Sports Cabinet Secretary Salim Mvurya recently gave an update on the progress of Talanta Stadium.
Despite his criticism, Nyoro clarified that he is not opposing borrowing entirely. Instead, he urged the government to embrace financial transparency and allow taxpayers to understand the true cost of major projects.
“Borrowing is not the problem. The issue is clarity. Kenyans must know how much is being borrowed, under what terms, and for which projects,” he said.
Meanwhile, Sports Cabinet Secretary Salim Mvurya recently gave an update on the progress of Talanta Stadium.
The CS said the project was over 65 percent complete, with external works expected to finish by December. He projected that the stadium would be fully ready for use by February 2026.
Aerial images taken on September 11 show the vast scope of the construction, which is among the flagship projects under President William Ruto's sports infrastructure plan.
Aerial images taken on September 11 show the vast scope of the construction, which is among the flagship projects under President William Ruto's sports infrastructure plan.
