Fresh questions have emerged over the management of billions of shillings held in government funds after Controller of Budget Margaret Nyakang’o said her office has limited visibility over several financial vehicles.
The revelations, highlighted by The Standard on Monday, September 21, 2026, have drawn attention to the proposed Sh5 trillion National Infrastructure Fund and the Sovereign Wealth Fund, among other funds and levies operating outside the Consolidated Fund.
Nyakang’o said the Office of the Controller of Budget cannot directly track how money collected through some of these funds is spent because the funds operate outside the central government account.
The Controller of Budget’s mandate includes authorising withdrawals from the Consolidated Fund and overseeing implementation of approved budgets. However, Nyakang’o has raised concerns about the extent to which her office can monitor resources channelled through separate statutory funds.
The National Infrastructure Fund has been established as a vehicle for financing major infrastructure projects and mobilising private and institutional capital.
The fund has previously been reported to hold about Sh340 billion, while its longer-term plans include mobilising substantial additional financing for infrastructure development.
The issue of oversight has also featured in parliamentary discussions on the proposed Sovereign Wealth Fund Bill.
In April, Nyakang’o and the Auditor-General raised concerns before Parliament about provisions they said could create accountability gaps if the proposed fund operated outside the normal public finance framework.
Nyakang’o argued that public revenues placed in such funds should remain subject to constitutional safeguards, including appropriate parliamentary and institutional oversight. Treasury, however, has defended the proposed framework, saying the fund would support long-term strategic investments and national development.
The latest concerns come as Kenya approaches the 2027 General Election, a period when scrutiny of government expenditure and the use of public resources is expected to increase.
Nyakang’o has separately directed her office to intensify monitoring of development spending ahead of the election, citing the risk of public resources being diverted towards political activities.
The debate over the funds is therefore likely to centre on how public money is collected, transferred, monitored and ultimately accounted for, particularly where spending falls outside the direct visibility of the Controller of Budget.