Receipts
One money event a day, with the receipt
Public Money DeskReceipt
Deducted, not delivered: KES 3.92bn of SACCO money and KES 66.41bn of pension contributions taken from pay but not passed on
Our verdict · Opinion
In our view, money taken from a worker's pay should reach its destination as surely as PAYE reaches KRA: the new at-source payroll is the right fix for new deductions in counties, but the billions already owed still sit with employers, and we found no dated plan to repay them.
Employers took KES 3.92bn from workers' pay for SACCOs in 2025 and did not pass it on, SASRA says; county governments and assemblies owed KES 1.88bn of it. The Retirement Benefits Authority counted KES 66.41bn of unremitted pension contributions at the end of 2025, 93% of it owed by public-sector schemes. The Controller of Budget puts counties' salary arrears and unremitted deductions at about KES 100.2bn in June 2026. A payroll system that remits deductions at source started on 1 July 2026 in counties; it does not clear the old debts.
Public Money DeskReceipt
Kenya's unpaid bills: up to KES 475.5bn owed at June 2026, and KES 23.74bn approved to pay
Our verdict · Opinion
In our view, Kenya runs part of its budget on its suppliers' patience: KES 465.9 billion to KES 475.5 billion of bills were unpaid at June 2026 on the Treasury's own papers, and the payment Cabinet approved in October is KES 23.74 billion, with no start date.
On the National Treasury's count, national government pending bills stood at KES 475.5 billion on 30 June 2026 in its final review paper, and KES 465.9 billion in the draft; on the final paper, three-quarters are owed by state corporations. Revenue for 2025/26 fell KES 60.2 billion short of target. On 9 October 2026 Cabinet approved KES 23.74 billion for verified claims of KES 50 million or less. Larger claims are to be paid progressively, with no date.
Public Money DeskReceipt
Kenya's Eurobond rescue: US$43m a year more in interest to clear its first bond
Our verdict · Opinion
Kenya paid off its first Eurobond in full, but only by borrowing at 10.375%, a price that showed how close markets thought it was to the edge, and one taxpayers will pay until 2031.
In February 2024 Kenya sold a US$1.5 billion bond at 10.375% to buy back most of a US$2 billion bond that cost 6.875%. The default scare ended. The interest bill went up, and it stays up until 2031.
Public Money DeskReceipt
Where the Housing Levy money went: KES 114.5bn collected, and none of 142 affordable housing projects finished at audit
Our verdict · Opinion
The Housing Levy collects like a tax and builds like a promise: KES 114.5 billion came in on time, while the houses it was sold on are mostly still building sites and plans.
By April 2025 KRA had collected KES 114.5 billion in Housing Levy. Of the first KES 34.7 billion, more went into Treasury bills than into houses. When the Auditor-General's team visited in April 2025, none of 142 affordable housing projects on the Board's list was finished. A worker on KES 50,000 a month pays KES 750, and their employer pays another KES 750.
Public Money DeskReceipt
Kenya's 18.46% tax-free bond: savers' best deal was taxpayers' dearest loan
Our verdict · Opinion
The best deal Kenyan savers have had from their government in more than a decade was bought with taxpayers' money at the worst moment to borrow, and they will be paying for it until 2032.
In February 2024 Kenya sold KES 241 billion of an infrastructure bond at 18.46%, tax-free. To a saver that is worth 21.72% on a taxed bond. To the taxpayer it costs about KES 44.5 billion a year in interest until the first repayment in 2027, and about KES 302 billion over its life.
Briefs, weekly notes and explainers are in Stories.