WIKE TAKING LOANS FOR FCT WITHOUT NATIONAL ASSEMBLY APPROVAL – KINGIBE ALLEGES. (PHOTO).

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Wike taking loans for FCT without National Assembly approval – Kingibe alleges The senator representing the Federal Capital Territory, FCT, Ireti Kingibe, has alleged that the FCT Minister, Nyesom Wike, has been taking loans for the nation’s capital without the approval of the National Assembly. Kingibe made the allegation on Tuesday during an interview. She was discussing the FCT administration, the Abuja master plan and the oversight responsibilities of the National Assembly. According to her, records from the Debt Management Office, DMO, indicated that loans had been taken for the FCT between August 2023 and March 2026, despite Wike not appearing before the Senate to seek approval for such borrowing. “I am definitely saying Wike has been taking loans without the approval of the National Assembly. “I’m sorry to say, with all due respect to the Senate, of which I’m a member, we’re supposed to oversee him. “We’re supposed to approve, and I have brought to the attention of the leadershi...
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KENYA TO RAISE $1.2 BILLION THROUGH CONTROVERSIAL TAXES AMIND DEBT CRISIS. (PHOTO).

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 Kenya to Raise $1.2 Billion Through Controversial Taxes Amid Debt Crisis


To generate around $1.2 billion, the Kenyan government intends to bring back several controversial taxes that were initially included in the heavily criticized finance bill. 


This move follows intense public backlash and deadly protests that erupted across the nation earlier this year. The tax proposals were initially scrapped in June after violent demonstrations saw protesters storm parliament, leading to police firing live ammunition.


President William Ruto had cautioned that the country would face a significant funding gap after these tax hikes were abandoned.


Kenya's Finance Minister John Mbadi, currently one of the opposition leaders who recently joined a restructured cabinet, has revealed that the government is considering nearly 49 new tax initiatives. 


Among these initiatives is the reintroduction of an "eco levy" aimed at curbing electronic and plastic waste.


At this point Kenya is grappling with approximately $80 million in domestic and external debt. The situation is critical, as failure to manage this debt could make future borrowing increasingly challenging for the country.


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