Government and Safaricom company in Proposed Securitisation Plan.

By Grace Waithaka.

Kiharu MP Ndindi Nyoro has accused the government of undervaluing Safaricom and engaging in what he terms an “outright sale” of national assets disguised as securitisation.

The  member of parliament said the government is rushing major financial decisions ahead of the 2027 General Election, saying that the proposed infrastructure fund and related transactions raise serious questions about transparency and value for taxpayers.

Mr Nyoro alleged that the government intends to dispose Safaricom shares at of Sh34 per share, a price he says does not reflect the company’s true market value. He further claimed that dividends expected from the telco had already been “mortgaged”, citing an estimated "Sh40 billion" said to have been committed in advance.

 “it is not privatisation. It is a sale of public assets purely for short-term revenue raising. Kenyans are not getting value for their money,” he said.

According to the MP, the securitisation framework being championed by the State amounts to borrowing against public revenue streams, a move he argues piles up illegal and unsustainable debts. He claimed that the government is “collecting taxes and dividends in advance” while placing critical national investments at risk.

Mr Nyoro also pointed to previous securitisation efforts, alleging that the 'Tourism Fund' has already been securitised, citing this as the reason behind the ongoing redevelopment of the Bomas of Kenya—and claimed the government is now moving to securitise the 'housing levy' effectively borrowing against future collections.

He warned that the trend could expose the country to greater financial vulnerability.

“Some people are putting their interests first. There is incompetence. We must zoom in on all transactions taking place every day or we shall regret,” he said.

The legislator further criticized the scale of current borrowing, claiming the government has contracted  Sh1.25 trillion in the official loan book within a year—an amount he compared to what the late President Mwai Kibaki allegedly borrowed over a decade.

Nyoro also expressed disappointment that local institutions had participated in what he termed the “sale of government assets at a discount.”

Mr Nyoro urged vigilance, saying Parliament and the public must closely scrutinize all ongoing financial arrangements to safeguard national resources.