The National Treasury has linked the country's ballooning debt over the years to the pricey cost of upholding the 2010 constitution, even as Kenyans await the submission of budget estimates and the Finance Bill 2025, this month.
National Treasury Principal Secretary Dr Chris Kiptoo said the country's budget deficits have been widening since the adoption of the new constitution, which necessitated more borrowing.
While responding to requests from players in the pension sector on possible exemptions to enable growth, the PS said the industry should be cognisant of the need to raise revenue for the government to provide the services it is mandated to.
He said the development projects lined up by the government, such as roads and education, can no longer be implemented through debt. "We have done it through tax and debt.
