Fresh controversy has erupted online after a viral post alleged that Kenya’s National Treasury is holding over Sh150 billion in a hidden account outside the legally mandated framework.
The claims, which have sparked widespread debate on social media, suggest that the funds are sitting in what is described as a “Sovereign Bond Proceeds Account,” separate from the Consolidated Fund where all government revenue is expected to be held. (X (formerly Twitter))
According to the viral post, the existence of such an account raises serious constitutional and financial accountability questions, particularly around transparency in the management of public funds. The Consolidated Fund is the central account through which government money is supposed to flow, subject to oversight by Parliament and other institutions.
The allegations have quickly gained traction online, with Kenyans demanding answers on whether such an account exists and, if so, under what legal framework it is being operated. Analysts warn that if public funds are indeed being managed outside established systems, it could undermine financial oversight and accountability mechanisms.
However, as of now, there has been no official response from the National Treasury confirming or denying the claims. Authorities have also not provided clarification on the structure or existence of any such account linked to sovereign bond proceeds.
The issue touches on a broader concern that has been growing in Kenya in recent years: the management of public debt and the transparency surrounding borrowed funds. With the country heavily reliant on external borrowing, particularly through sovereign bonds, scrutiny over how such funds are handled has intensified.
Experts say any ambiguity around public accounts can erode public trust, especially at a time when the government is under pressure to manage rising debt and economic challenges.
