Wanjigi calls for rejection of Finance Bill 2026, accuses Gov't of illegal borrowing

Safina Party leader Jimi Wanjigi has urged Kenyans to reject the Finance Bill 2026, accusing the government of burdening citizens with excessive taxation and illegal borrowing while failing to deliver meaningful development.

Speaking during a press briefing in Nairobi on Monday, Wanjigi criticized the 2026/27 Budget Statement presented by Treasury Cabinet Secretary John Mbadi, saying it would only serve to further increase the country's debt burden.

Wanjigi argued that the Finance Bill seeks to raise an additional Ksh.120 billion through taxation despite Kenya's growing debt obligations.

"The budget is not about development; it is about servicing debt and I call on Kenyans to reject it," he said.

The Safina Party leader questioned the government's continued repayment of what he termed "illegal debt," claiming some of the borrowing was undertaken outside constitutional provisions and without proper Parliamentary oversight.

He referenced what he described as a secret sovereign bonds account established under the Consolidated Fund in 2014, alleging that it had been used as a conduit for borrowing and repayment of debt without adequate scrutiny.

According to Wanjigi, Kenya's public debt has now risen to approximately Ksh.13 trillion, yet the country has little tangible infrastructure development to show for the borrowing.

"Every budget cycle is now designed around paying illegal creditors rather than improving the lives of wananchi," he said.

Wanjigi also expressed concern over the rapid growth of domestic debt, warning that the government's increasing reliance on Treasury Bills and Treasury Bonds could crowd out private sector investment and undermine long-term economic sustainability.

He further challenged the legitimacy of portions of Kenya's public debt, arguing that borrowing undertaken without Parliamentary approval or in violation of Kenyan law should not be honoured.

In a strongly worded warning directed at potential investors, Wanjigi stated that domestic debt issued under such circumstances would be considered "illegal" and "odious."

The opposition politician additionally criticized plans to spend an estimated Ksh.2.6 trillion annually on debt servicing, saying the expenditure was competing with essential sectors such as healthcare, education, agriculture and infrastructure.

"The solution to Kenya's economic challenges is not more taxes. Kenyans are already overtaxed," Wanjigi said, adding that further taxation would weaken businesses, destroy jobs and reduce citizens' purchasing power.

As an alternative, Wanjigi called for what he termed economic sovereignty, urging the country to end its dependence on borrowing and debt repayment.

He outlined a Safina Party agenda that includes free healthcare, free primary and secondary education, replacement of the 16 per cent VAT with a five per cent sales tax, and an end to domestic borrowing by the government.

"The Safina vision is simple: no tax burden; no illegal borrowing; no debt slavery," he said.