Controller of Budget Margaret Nyakang’o arrested


Controller of Budget Dr Margaret Nyakang’o has been arrested

She was arrested in Mombasa in connection to a complaint made against her and 10 other people in 2016.

This was before she became the CoB. She is set to be arraigned in court.

Nyakang’o and other 10 people are supposed to face charges including conspiracy to defraud contrary to Section 317 of the Penal Code, operating a Sacco without a Licence Contrary to Section 24 as read with Section 66 of the Sacco Societies Act, 2008, forgery and uttering a false document contrary to section 353 of the Penal Code.

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On November 30, the Office of the Director of Public Prosecutions approved the charges in a letter to the DCI.

According to sources, she was arrested at a public event in Mombasa.

Efforts to arrest the others were ongoing, officials said.

Nyakango has been vocal about public expenditure.

She came to office in June 2020.

She recently warned that the government may soon be unable to render crucial services due to the weakening shilling against the dollar which has led to a sharp increase in public debt.

In her National Government Budget Implementation Review Report for 2022/23, Nyakang’o notes the country has a significant amount of public debt denominated in foreign currencies, which makes it vulnerable to currency fluctuations and exchange rate risks.

“The continuous depreciation of the Kenya shilling will necessitate an increase in the amount required for loan repayments. This will erode the government’s fiscal space and limit the implementation of other critical policies and programs, resulting in budget adjustments,” Nyakang’o said.

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