Opinion: Jubilee Government, are they fiscal responsible for their current running debt?

Kenyatta Ruto 09.08.2016

Today is a day where I have questions and they are big because when you crunch the numbers for the last three fiscal years and estimated debt ratio it’s start to be worrying. It isn’t a sweet and tender way of asking. I know, but the numbers and the citizens will have to repay the amounts of borrowed cash at one point. As the Japanese will not deliver second-hand vehicles to the hospitals forever like they did during either this or last week in Kenya; Kenyan Government shouldn’t base their budget on handouts, but on tax-monies. The budget now is worrying as the levels of budget that are borrowed as it is going directly to portfolios that are day-to-day business instead of giant infrastructure development.

Why do I say that? Because each year you can question the ratio between the debt and the development projects; like in 2013/2014 the debt we’re 330bn, but the development 224bn. That is a 100bn used on day-to-day instead of building roads to Ethiopia or planning the Standard Gauge Railway. Take look!

In the 2013/2014:

At the fiscal year ending the 25th July 2014 the budget debt we’re 330,440,692,719.35. That means there 330bn debt, which we’re 25.8% of the National Revenue. National Government budget spent on development we’re 224,355,607,699.00 or 224bn.

In the 2014/2015:

At the fiscal year ending 24th July of 2015 the budget debt we’re 400,249,353,175.10. That means there 400bn debt, which we’re 25.1% of the National Revenue. National Government spent on development we’re 270,320,838,230.00 or 270bn.

In the 2015/2016:

At the fiscal year ending the 22nd July of 2016 the budget debt we’re 683,479,898,203.50. That means there 683bn debt, which we’re 36.9% of the National Revenue. National Government spent on development we’re 333,170,357,469.90 or 333bn.

So as you see, the FY 2013/2014 isn’t the worst. FY 2014/2015 is the start of loose government spending. The Jubilee all of sudden borrow 400bn and spends 270bn. That is 130bn that is used on day-to-day business, with loaned fiscal funds instead of the ordinary tax-base that the government should be fixated on. So with the last year FY 2015/2016 the Jubilee went all out in the stratosphere and borrowed from any bank or institution possible; as the debt we’re 683bn and the development we’re 333bn. That is 350bn that are used to day-to-day business and not development. The question remain why the sudden giant loan ratio towards the last year before election and why the lack of projects to use the newly granted funds.

The fiscal responsibility seems weak and not there when a government can splash this kind of funds and use this amount of debt on day-to-day instead of big projects and infrastructure projects needed. I am sure DP William Ruto has more friends that can be sub-contractors for some Chinese infused borrowed road projects around Kisumu. But, the ability to sustainable development with the steady rise of debt is worrying. That the IMF and World Bank is saying the debt ratio is still feasible should be worrying. As the IMF and World Bank never had control of the worst years before the Greece defaulted and needed saving grace from the world around it. The worst comes to worst when the Kenyan Government starts to default and reach it’s limit they have to have a mercy on the Jubilee and the counterparts who are paying for loose fiscal behaviour. The worst comes to worst with the giant amount of added fiscal funds might give the economy a edged inflation and bank rates that weakens the Kenyan Shilling as the deficit between reality and what is really used.

You can wonder why the Jubilee wants to hedge up so much loans and government debt. When the FY 2013/2014 and FY 2014/2015 we’re the net domestic borrowing around 300bn, but by FY 2015/2016 it become 500bn. That is a jump of 200bn of Domestic Borrowing. That should also be questioned together with the ratio already in the budget. This doesn’t seem like a healthy fiscal policy. The public should question the use of the borrowed domestic and total ratio of debt. The governance levels and accountability of the funds should be asked from Opposition and also the Auditor General. The Inspectorate of Government the IGG or Ombudsman should hassle the hustling Jubilee who has gained these funds and been responsible for the allocated budget and inquired for the option for loans to development and day-to-day use.

What do you think? Peace.   

Investigations into South Africa finance minister worries investors (Youtube-Clip)

“The investigation into South Africa’s finance minister has had some major repercussions. Investors are watching closely, and analysts are concerned a ratings downgrade could be on the cards. Detectives want to question Finance Minister Praveen Gordin about a rogue unit set up at the tax authority during his tenure. Angelo Coppola reports” (CCTV Africa, 2016)

Gordhan also accused of frustrating SAA’s plans to secure funding (Youtube-Clip)

“As the stand-off continues between Finance Minister, Pravin Gordhan and the Hawks, Gordhan has also been accused of frustrating SAA’s plans to secure funding. SAA former auditor and risk committee member, Yakhe Kwinana, resigned in anticipation of the airline’s liquidation. Kwinana says Gordhan has refused to give SAA a loan guarantee until a new board is installed. South African Airways says an interruption of service on any of its routes is highly unlikely. That’s according to its spokesperson Tlali Tlali. But Kwinana, says the airline is facing possible deregulation in Ghana and Hong Kong, due to its failure to submit financial statements. Kwinana says her resignation was informed by SAA’s imminent collapse which she believes could hurt her credibility as an accountant” (SABC Digital News, 2016)

Guptas to Sell Shareholding in All South African Businesses (27.08.2016)

Two and Half Gupta

We announce today our intention to sell all of our shareholding in South Africa by the end of the year.

JOHANNESBURG, South Africa, August 27, 2016 – The Gupta Family said:

Since our decision to step down from all executive and non-executive positions in all our South African business in April 2016, the local management team has grown our businesses from strength to strength, with turnover and profits showing good growth and more jobs created.

As a family, we now believe that the time is right for us to exit our shareholding of the South African businesses which we believe will benefit our existing employees, and lead to further growth in the businesses.

As such, we announce today our intention to sell all of our shareholding in South Africa by the end of the year.

We are already in discussions with several international prospective buyers and will soon be in a position to make further announcements.

We believe that this decision is in the best interests of our business, the country and our colleagues.

Violence proves no one in Zanu PF is fit to lead the Zimbabwe we must build | Build Zimbabwe (Youtube-Clip)

“The strategy of our government is clear for anyone who chooses to see: It is to frustrate the people until some of them commit acts of violence, which then justifies the government’s own violent response.  This is calculated to force those who have been calling for non-violent protests, specifically the church leaders, to denounce the activists who are demanding change but who the government portrays as violent inciters. We cannot allow this government to attempt to reclaim the moral ground to rule it has lost by pointing accusatory fingers at people who simply want to be heard and to exercise their full constitutional rights as citizens.  We want change in Zimbabwe and we want it now. To want it for future generations merely prolongs ours suffering and that of our children. We want it for ourselves today so that we can get on with the business of building the kind of country we want for our children’s children. It is our right to demand that. This is Dr. Noah Manyika from Build Zimbabwe saying: Is there not a cause? #BuildZimbabwe” (Build Zimbabwe, 2016)

WATCH: Police break up NERAdemo in Harare, Zimbabwe (Youtube-Clip)

http://www.youtube.com/watch?v=39QraISNfrA

What do Jay Z and President Museveni have in common? They don’t want to retire!

Jay Z Fade to Black

Yet again, I go all in. This is another one and not a DJ Khaled comment. This here is similarities between people or characters that usually are not in the same league. Here I am showing fist how Jay Z talked about retiring and then backing down a dropping a project or LP. This is a proof of that the gimmicks or promotional tools that we’re from the Def Jam and Roca-Fella Co-Founder and now millionaire artist.

It is these days that I am tired of the President Museveni and his system who just uses the state funds and institutions for own wealth than creating and developing society. President Yoweri Kaguta Museveni who has promised since taking the office with a brutal civil war in 1980s said he would step down. At each point, he has backtracked and given in. That means he has seeking more time in power and used more excuses to empower himself. Always if the Party wants him

2003 Jay Z after the ‘The Black Album’:

“It’s not like it was with Big and Pac” (…) “Hip-hop’s corny now” (…) “There’ll be no more full-length Jay-Z albums. I might do a soundtrack in a year or two. Maybe a collaboration. But only after a year. I want to let it alone for at least a year” (…) “Well, like Jordan said, ‘I’ve got to leave myself a window” (…) “If people take it back to when we were making hot albums and I’m just totally inspired and I’m like, I want in, then that could happen. But I don’t foresee it” (Toure, 2003).

2005 Jay Z Q&A in the XXL Magazine:

“Just from making albums. I still make songs. It bugs me when people say, “I thought you was retired.” I clearly said—and I also said that I’m human. So maybe one day if I’m on the corner and it’s calling me—I don’t wanna just box myself in where I can’t make another album—I’ll do it anyway. But it bothers me when people say, “I thought you was retired,” if I make a song or if I do a verse on somebody’s joint. I never said I wasn’t making anymore music. I should’ve shut up. That’s what I should’ve did. Me and my big mouth” (Bry, 2005).

2006 Jay Z with the ‘The Kingdom Come’:

“the worst retirement in history” (…) “”I believed it, yeah. I believed it for two years” (…) “Something, when you love it, is always tugging at you and itching, and I was putting it off and putting it off. I started fumbling around to see if it felt good” (…) “If I wake up one day and the best material has passed me by — and that’s going to happen, then it’s time to move on. I’ve said what I wanted to say” (CBC Arts, 2006).

2007 Jay Z with the ‘American Gangster’:

“LOS ANGELES, Sept. 19 — Jay-Z, the rap superstar and president of Def Jam Records, has quietly returned to the studio to record an album of new songs inspired by the forthcoming movie “American Gangster,” his first “concept” album and second CD in less than a year” (Halbfinger & Leeds, 2007).

And we know that Jay Z has released albums ever since and also features. So it is not like he ever retired only talked about it. The big bang with ‘The Black Album’ we’re just a fade that didn’t really go into Black as the artist went back into studio time and time again. Let’s take a look at President Museveni and his long time stay in the role of Executive.

Daily Monitor 1993

Museveni in 2002:

“When he took power in 1986, Yoweri Kaguta Museveni said he considered the idea of a Head of State clinging to office for “15 or more” years ill-advised. Although it is now 16 years since Museveni made this statement he is still comfortably lolling in office and has just embarked on his 17th year as Uganda’s Head of State. In last year’s filthy elections that he won by 69 per cent of the votes cast, Museveni took a high moral ground by claiming that had his votes not been stolen he could have garnered more than 75 per cent. However, his supporters were contented with 69 per cent, which they interpreted as a resounding endorsement for Museveni to rule for life” (…) “In his usual idiosyncratic meddling way and new role as Africa’s peacemaker, elder statesman and continental unifier, Col. Muammar Gadhafi, while attending Museveni’s inauguration, urged him to be a perpetual leader. While addressing a national conference of Museveni’s ruling National Resistance Movement on May 11, 2001, he urged Ugandans to allow Museveni to rule for “as long as possible.” “Revolutionary leaders should not have expiry dates, like tinned drinks. My brother Museveni was born a revolutionary. He should continue for as long as he has the ability to do so,” Gadhafi said. Despite this enormous pressure to rule forever, Museveni had the gall to promise, yet again, that he would not contest again after his new mandate expires. Determining the truth of this statement might not need the services of a clairvoyant” (Okumu, 2002).

Musveni in 2005:

“Mr Museveni, 62, said he was sure of victory at the election. He thanked MPs who voted overwhelmingly this year to scrap a presidential time limit that would have required him to step down. “That provision was not wise at all, because the problems Africa faces are not always time-bound,” he said” (Vasagar, 2005).

Museveni in 2006:

“I need the power of the state to solve the problems of our people” (…) “I don’t need power to live, by the way” (…) “My cows are waiting for me” (Savage, 2006).

Museveni in 2012:

“The term limits, which would have forced Museveni to stand down in 2006, were scrapped in a process that did not enjoy popular appeal and after MPs were offered inducements to support the move. Museveni, however, told CNN that debate on term limits and his longevity in office were not a priority. “What is important for Uganda,” he said, “is to deal with the country’s development bottlenecks and not who should be the president.” (HabariNetwork, 2012).

Museveni in 2014:

“Well, I don’t think Ugandans are as obsessed with my retirement as Ssemujju seems to be because when I go to ask them at the elections, five million say don’t go, you stay” (…) “You have heard them, singing tajakugenda tajakugenda (he won’t go). So if Ugandans really were like Ssemujju, I would be happy to retire because I am not lacking where to retire. I am a member of my party and I do what my party wants” (Okuda 2014).

What has Museveni said in the past (2014):

“There is nothing much to look forward to, about what the president is going to say on Thursday; I think the greatest thing I would want to hear from him is telling us when he’s going read his last State of the Nation Address,” the former bush war comrade told Chimpreports this morning” (…) “When I was in cabinet, Museveni said that Africa’s biggest problem was people who overstay in power. At one time he wanted to go and graze his cattle once he clocked 55,” recalled Mushega, who fought with Museveni in the liberation war that toppled the military junta of the Okellos in 1986” (ChimpReports, 2014).

PF-retirement_1666571c

There are clear indications of the same mentality between the men. They are both seeking to be honoured for their positions and don’t wanted to leave when they had left a legacy. Instead they are continuing to either be in office or drop LPs.

The proof that they both just wanted to earn on their place in society is proven. As Jay Z has for a long time said he would retire from Hip Hop, but on the next crossroad dropped a project. President Museveni has many times said he want to retire and be with his cows. Instead he runs again because in reality he wants to run the nation and control it all. Mzee have been pledging and promising to leave power after ten years when he came into office after the 1980s civil war. Now he is still there after 30 years. As seen he has promised to step down since then. The words of those statements are worthless. Therefore, don’t expect him to go out of office before his casket. Peace.

Reference:

Bry, David – ‘Jay Z, “Look At Me Now” (Originally Published August 2005)’ link: http://www.xxlmag.com/news/throwbacks/2013/07/jay-z-look-at-me-now-originally-published-august-2005/

CBC Arts – ‘Jay-Z ends “retirement” with new album’ (14.09.2006) link: http://www.cbc.ca/news/arts/jay-z-ends-retirement-with-new-album-1.583720

ChimpReports – ‘Mushega: Museveni Wanted To Retire At 55’ (02.07.2014) link: http://www.chimpreports.com/20658-mushega-museveni-wanted-to-retire-at-55/

HabariNetwork – ‘UGANDA’S PRESIDENT MUSEVENI HINTS AT RETIREMENT IN 2016’ (16.04.2012) link: http://www.thehabarinetwork.com/ugandas-president-museveni-hints-at-retirement-in-2016/2

Halbfinger, David M. & Leeds, Jeff – ‘For Jay-Z, Inspiration Arrives in a Movie’ (20.09.2007) link: http://www.nytimes.com/2007/09/20/arts/music/20jayz.html?_r=0

Okuda, Ivan – ‘Ugandans don’t want me to leave – Museveni’ (07.12.2014) link: http://mobile.monitor.co.ug/News/News/Ugandans-don-t-want-me-to-leave—Museveni/-/2466686/2547152/-/format/xhtml/-/uuwodw/-/index.html

Okumu, Wafula – ‘The Travails and Antics of Africa’s “Big Men” – How Power Has Corrupted African Leaders’ (11.04.2002) link: http://www.theperspective.org/africabigmen.html

Savage, Sam – ‘Back to my cows? Not yet, says Uganda’s Museveni’ (22.02.2006), Link: http://www.redorbit.com/news/international/401452/back_to_my_cows_not_yet_says_ugandas_museveni/#fbd7eO1Py393CEUh.99

Toure – ‘MUSIC; Superstardom Is Boring: Jay-Z Quits (Again)’ (16.11.2003) link: http://www.nytimes.com/2003/11/16/arts/music-superstardom-is-boring-jay-z-quits-again.html?pagewanted=all

Vasagar, Jeevan – ‘Museveni to stand for re-election after detention of his main rival’ (21.11.2005) link: https://www.theguardian.com/world/2005/nov/21/uganda.jeevanvasagar

Tribal Rights & the Dakota Access Pipeline (Youtube-Clip)

The Standing Rock Sioux tribe and its allies from other indigenous nations are protesting the construction of the Dakota Access pipeline. Once finished – the pipeline will bring oil almost 1200 miles from the Bakken oil fields in North Dakota all the way to Illinois. Although the project was approved by the government -the Standing Rock Sioux say their interests and historical claims were not taken into account when that decision was made. Which is why they’ve now brought their protest right here to Washington, DC. Today – the Standing Rock Sioux asked a federal judge to put the Dakota Access pipeline on hold. They also led a really outside the court – which was attended by people from around the country – including actresses Susan Sarandon and Shailene Woodley. Joining me now is the woman who MC’d today’s rally – Bobbi Jean Three Legs – a Youth Organizer with the Standing Rock Sioux Tribe” (The Big Picture RT, 2016)

The Heat: South Sudan in crisis Pt 1,2 & 3 (Youtube-Clip)

Part II:

Part III:

Press Release – Vandalism: NNPC, Civil Defence pledge Greater Cooperation (24.08.2016)

Vandalism Nigeria 24.08.2016