President William Ruto's administration is projected to close its first term with a significant portion of its borrowed funds untraced to any development projects.

• Approximately Sh2.3 trillion of the projected Sh5 trillion net borrowing between July 2022 and June 2027 is unaccounted for in development spending.
• The Kenyan government, led by President Ruto, had pledged to live within its means and avoid borrowing for recurrent activities.
• Analysis reveals that between July 2022 and April 2024, about half of the borrowed funds were used for recurrent operations, mirroring trends from the previous administration.