MPs reject CoB Nyakango’s bid to vet sovereign wealth fund withdrawals

'There is a real risk that the fund could create a parallel financial architecture outside the national budget framework' - Controller of Budget..

✨ Key Highlights

Members of Parliament have rejected a crucial proposal by Controller of Budget Margaret Nyakango to place the proposed Sovereign Wealth Fund under her direct oversight, raising questions about the management of the multi-billion-shilling fund.

The fund is envisioned to hold potentially Sh5 trillion in assets.
Key players include the Controller of Budget Margaret Nyakango and the National Assembly's Finance and National Planning Committee.
The committee cited existing legislation as providing adequate safeguards, though some of Nyakango's proposals regarding the fund being a public entity and requiring her authorization for withdrawals were accepted.

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