President William Ruto on Tuesday, April 11, praised his economic advisor Dr David Ndii and three other Kenyans for pulling the country out of a crisis.
While launching the Performance Contracting Report for the 2021/2022 Financial Year at Kenyatta International Convention Centre (KICC), the President underscored how Ndii and his team saved Kenya billions of shillings.
Ndii was praised alongside Mohammed Hassan (Member of the Council of Economic Advisors), Davis Chirchir (Cabinet Secretary for Energy) and Joseph Oketch ( head of the Electricity and Renewable Energy Directorate – EPRA).
“I want to thank the group of young men who have done something phenomenal.
“They have managed to put together a program that has taken us away from looking for Ksh68 billion every month to buy fuel,” he explained why the praise.
Ruto further added that the amount was making Kenya snowball into a crisis before Ndii and his team came up with a plan.
“Today as a country we can buy fuel using local currency and from this month of April, all our fuel marketers will be able to use the shilling in buying our fuel products,” he stated.
Ruto explained that due to the intervention, pressure on the dollar would be eased.
“In the next month or so, I foresee the dollar stabilising to an exchange rate of Ksh115,” he exuded optimism.
On Wednesday, March 8, the government announced that local oil companies would pay for oil imported on credit through a government-to-government deal in Kenya shillings to deflect the pressure on the local currency.
"The product will now be paid for in Kenyan shillings and this will ensure the dollar is available for other sectors of the economy.
"The proposed transaction is expected to alleviate the demand for dollars driven by petroleum imports by extending the time required to source for the dollars from the current five days to 180 days," CS Chirchir announced back then.
The President further praised Kenya National Trading Corporation (KNTC) head Pamela Mutua by revealing how she had exposed officials fleecing the government.
"We have some not very good people sitting in a certain ministry of Public works in the department of material supplies who were busy increasing the price of commodities in the middle of the food crises.
"Someone was increasing the prices of the supply of rice from Ksh5,00 to Ksh7300. Mutua brought to my attention the fraudulent deal that was going on,” he revealed.
Ruto revealed that a proper audit would be taken and those found guilty to face the law.
