By James Murimi - Reporter
Kenya, July 5, 2026 - Deputy President Prof Kithure Kindiki has mounted a spirited defence of the Kenya Kwanza administration's decision to sell part of the government's stake in State-owned enterprises, accusing the Opposition of misleading Kenyans over a policy he said has been implemented by previous administrations.
In a political response delivered during an interdenominational church service and fundraiser for more than 100 churches in Soliat, Kericho County, on Sunday, Prof Kindiki said the government's decision to reduce its shareholding in Safaricom and other State corporations was a continuation of an established policy and not a new initiative by President William Ruto's administration.
"The Opposition is lecturing us as though this is the first time the government and the country have sold Safaricom shares," he said.
"Safaricom shares were first sold in 2008, and they were sold twice during the administration of President Mwai Kibaki. This is the third sale, and we are not selling all the shares."
The Deputy President said the real difference between the current administration and its predecessors lies in how the proceeds from such transactions will be used.
"The money we are raising from the sale of government stakes will be channelled directly into the National Infrastructure Fund, which is governed by an independent board. Unlike in the past, we will not use proceeds from the sale of government-owned entities to finance recurrent expenditure. That is the difference between President William Ruto's administration and previous administrations," he said.
Prof Kindiki accused previous governments of failing to account for billions of shillings realised from earlier sales of State assets.
"Kenya cannot account for how the proceeds from earlier sales of Safaricom shares were used. In the past, the government also sold shares in Kenya Airways, but we cannot fully account for what happened to that money because it was used for recurrent expenditure, including paying salaries and purchasing vehicles for government officials," he said.
He maintained that the Ruto administration had introduced safeguards to ensure that funds realised from future sales of government stakes are ring-fenced for development.
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"Going forward, all money raised through the capital markets from the sale of government stakes in State-owned enterprises will go directly into the National Infrastructure Fund to finance infrastructure projects," he said.
The Deputy President disclosed that the government had already mobilised KSh245 billion through the reduction of its stake in Safaricom and another KSh160 billion from Kenya Pipeline.
"We reduced the government's shareholding in Safaricom and raised KSh245 billion. We then reduced the government's shares in Kenya Pipeline and raised KSh160 billion—a total of KSh350 billion," he said.
He said the funds would be used to attract private investment under the government's public-private partnership model.
"Through public-private partnerships, we have brought in the private sector to work alongside the government. For every one shilling invested by the government, the private sector will contribute ten shillings. This would generate approximately KSh3.5 trillion, which will enable us to build an additional 28,000 kilometres of roads, 50 mega dams, 200 medium-sized dams and 1,000 micro and small dams across the country," he said.
His remarks come amid mounting political criticism from the Opposition over the government's plan to reduce its shareholding in strategic State corporations, with the Kenya Kwanza administration insisting the policy is aimed at unlocking capital for development while preserving public value.