Browsing: Auditor General

• Kenya’s $168Bn plundered development loans were taken over 11 year period between 2010 and 2021
• In one instance, the OAG raised an issue with the missing drawdowns for three loans from BELFIUS Bank and Unicredit totaling €29,510,462 (Sh4.1billion).
• The audit examined how 39 commercial loans valued at $168billiom (Sh1.36 trillion) during the time were used, and whether they were borrowed legally.

The Office of the Auditor General has opened a can of worms on the possible diversion of loans and plunder of funds disbursed to Kenya for development over the past 10 years.

A Special Audit by Auditor General Nancy Gathungu, on loans Kenya took between 2010 & 2021 shows that the country received $ 167.7 billion (Sh1.13 trillion) in the consolidated funds accounts however, the accountability of the funds is in question.

The revelations come at a time when President William Ruto has already gazetted the Presidential Taskforce on …

• Uganda Auditor-General says out of $27.7 million meant for SACCOs under the Emyooga programme only $21.8 million was disbursed.
• Lawmakers say failure of Microfinance Support Centre staff to follow due diligence in loan disbursement was indicative of incompetence.
• Parliament tasks MSC officials to detail the efforts put in place to ensure that the intended beneficiaries receive the funding.

A report by the Auditor-General has revealed that Uganda’s Microfinance Support Centre (MSC) failed to absorb a total of $5.87 million (USh21.2 billion) of the Emyooga grant during the 2021/22 financial year.

In his report to Parliament, the Auditor-General observed that out of $27.7 million meant for SACCOs under the Emyooga programme, only $21.8 million was disbursed.

In a meeting on July 25, with officials from the Microfinance Support Centre (MSC), legislators on the Public Accounts Committee on Commissions, Statutory Authorities and State Enterprises (COSASE) queried the way the funds were used.…