Treasury CS Nominee Mbadi: I'm Worth Sh380 Million

Treasury Cabinet Secretary nominee John Mbadi has disclosed his net worth as Sh380 million, excluding liabilities of Sh57 million.

The Saturday vetting session presided over by National Assembly Speaker Moses Wetangula scrutinized Mbadi's financial standing and potential conflicts of interest. Mbadi has elaborated on his liabilities which include a mortgage from the Parliamentary Service Commission, Sacco loans totaling Sh20 million, and a KCB bank loan of Sh12 million. He also discloses deferred income investments with ICEA worth Sh6 million and an unspecified pension amount. The vetting committee received 34 memoranda regarding Mbadi's nomination, with opinions divided between support and opposition. Three of these memoranda highlight internal conflicts within Mbadi's political setup.

This declaration of net worth comes at a time when government appointments are under intense scrutiny for transparency and accountability. During the session, Mbadi addressed questions about his pension as a Nominated Member of Parliament, expressing uncertainty about the exact amount. Speaker Wetangula assured that the pension would be calculated in due course, while National Assembly Majority Leader Kimani Ichung'wah noted that it would be included in Mbadi's net worth next year upon maturity, potentially significantly increasing his wealth. Mbadi is one of four opposition members nominated to President William Ruto's Cabinet under a broad-based government approach.

The other nominees include Wycliffe Oparanya for Cooperatives and MSMEs, Opiyo Wandayi for Energy, and Hassan Ali Joho for Mining and Blue Economy. He is the 11th nominee to be vetted in a four-day exercise concluding on Sunday. Mbadi has outlined several plans to improve government operations. He proposes enhancing the Kenya Revenue Authority's system to boost revenue collection and advocates for a yearly published statutory debt register to inform the public about the country's debt status.

Mbadi also emphasizes the need to provide more resources to the Auditor General for conducting special and forensic audits to expose corrupt dealings in government ministries. Addressing the issue of high bank interest rates, Mbadi commits to holding meetings with the Central Bank of Kenya Governor if approved by Parliament. He also pledges to automate the procurement system from end-to-end by January 2025 to enhance transparency and reduce graft. Mbadi emphasizes that Kenyans have the right to know the extent of their national debt obligations, arguing that the current secrecy has led to speculation and mistrust.

In addition to debt transparency, Mbadi addressed other key economic issues. He plans to reintroduce provisions from the recently rejected Finance Bill, 2024 as amendments to parent bills. Drawing on his extensive experience in budget-making and financial management, Mbadi stresses the importance of linking borrowed funds to specific projects to ensure effective use and reduce reliance on borrowing for general budgetary support.