Wiper Party leader Kalonzo Musyoka criticised President William Ruto’s plan to raise Ksh5 trillion through the introduction of the Sovereign Wealth Fund (SWF) and the National Infrastructure Fund (NIF).
Kalonzo’s statement came shortly after Ruto announced the creation of the two funds during the Jamhuri Day celebrations on December 12, 2025 at Nairobi's Nyayo National Stadium.
Kalonzo said the proposed “alternative financing mechanisms” contradicted constitutional principles, which, according to him, emphasise transparency, parliamentary oversight and equitable distribution of fiscal responsibilities across generations.
Kalonzo stated, “Ruto’s push for 'alternative financing mechanisms' flies in the face of a Constitution that deliberately anchors public finance in transparency, parliamentary oversight, and the fair distribution of burdens across generations."
He argued that raising funds for the national transformation project through these instruments could bypass established public finance procedures.
"By seeking to bypass these guardrails in pursuit of a Ksh5 trillion so-called national transformation project, he is attempting to erode the very pillars of fiscal prudence and democratic accountability,” Kalonzo said.
The former Vice President added that the approach posed risks to fiscal prudence and democratic accountability.
According to Kalonzo, by seeking to implement the SWF and NIF without fully adhering to constitutional safeguards, the plan threatened the governance structures designed to regulate public finance.
He stressed that the Constitution deliberately anchors state finance in processes that require parliamentary approval, transparency in revenue allocation, and mechanisms to ensure inter-generational equity.
The Wiper Party leader described the proposed method for mobilising Ksh5 trillion as an attempt to circumvent these constitutional guardrails.
According to the opposition chief, public funds should be managed under established accountability frameworks to prevent potential risks to the national economy.
The announcement by Ruto indicated that the Cabinet would consider approving both the SWF and NIF on December 15, 2025 Cabinet Meeting.
