Speaking on Friday during an engagement with graduate interns under the Affordable Housing Programme at State House Nairobi, Ruto defended the government’s privatisation strategy, insisting that the move was not politically motivated but a calculated and transparent effort to mobilise capital for large-scale national development.
“This is not about politics. It is about making deliberate decisions that unlock resources to develop our country,” Ruto said.
“Those giving us lectures about the IPOs in KPC or Safaricom should spare us their political conmanship and intellectual deceit.”
The President maintained that partial divestiture was a globally accepted approach to raising capital while at the same time expanding public ownership of strategic national assets.
He cited the planned initial public offering (IPO) of Kenya Pipeline Company (KPC) and the proposed sale of a portion of the government’s Safaricom shares as key examples of how his administration intends to finance infrastructure, housing and industrial growth.
Ruto revealed that the KPC IPO was expected to raise about Sh110 billion, while the partial divestiture of Safaricom was projected to generate approximately Sh240 billion.
According to the President, the funds raised from the two transactions would then be leveraged to unlock much larger pools of capital — up to Sh3 trillion from the KPC sale and Sh4 trillion from the Safaricom transaction — to be channelled into development projects across the country.
“We have accepted that divestiture is a wise means of accessing capital and at the same time increasing the ownership of the people in strategic assets,” he said.
The President was also optimistic that his administration could mobilise up to Sh5 trillion within the next year, resources he said would be critical in his broader plan to transform Kenya into a first-world economy.
“Our goal is to raise capital in a way that empowers Kenyans, strengthens our balance sheet and accelerates development,” he added.
Ruto’s remarks were a direct response to concerns raised by Nyoro before the Joint Committee on Finance and Privatisation earlier in the week.
The Kiharu MP warned that the country risked losing billions of shillings if the Safaricom share sale was not conducted through a competitive international bidding process.
Nyoro argued that the government was undervaluing its Safaricom stake and that the pricing model being considered would shortchange taxpayers.
“Every six billion shares of Safaricom that are sold should fetch about Sh45 per share instead of Sh34,” Nyoro told the committee. “At Sh34, the asset is being significantly undervalued, and the country will lose billions.”
The MP said a transparent, competitive international bid process would attract better offers and ensure that the state maximises returns from one of its most valuable assets.
His caution echoed broader concerns from sections of the political class and financial analysts who have questioned the timing, pricing and structure of the proposed divestiture.
However, Ruto dismissed such fears, saying the government had undertaken professional valuations and was guided by sound financial advice.
“We are not in the business of giving away national assets. Everything we are doing is based on expert analysis and long-term economic strategy,” he said.
He added that partial privatisation would not weaken government control over strategic companies but would instead enhance efficiency, transparency and market discipline.
“This is about strengthening our institutions, not weakening them,” Ruto said.
The standoff highlights growing tensions between the government and some of its own allies over economic policy, as the administration pushes ahead with aggressive fiscal reforms and privatisation plans.
While Nyoro is a member of the ruling coalition, his intervention has positioned him among a group of leaders urging greater caution in how state assets are monetised.
Political analysts say the exchange underscores the high political and economic stakes surrounding Safaricom, which remains one of Kenya’s most profitable and symbolically important companies.
“Safaricom is not just another company. It is a national crown jewel,” said economist Peter Mwangi.
“Any attempt to sell part of it will inevitably attract scrutiny, and rightly so.”
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