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Building a reliable public finance architecture
Controller of Budget Dr Margaret Nyakang'o when she appeared before the National Assembly Committee on Finance and National Planning at the Bunge Tower Nairobi on May 14, 2025.
The statement Margaret Nyakang'o delivered to Parliament was nothing short of seismic. The Controller of Budget — Kenya's constitutional gatekeeper of the public purse — told an oversight committee that the government had delayed settlement of Treasury bond interest obligations for May and June 2025, totalling Sh53 billion, and that payment was only made on 15 July.
In bond markets, such news can rattle investor confidence, depress auction demand and raise uncomfortable questions about sovereign credibility.
