By 2023, Kenya's public debt had reached approximately 10 trillion shillings, or about 70 percent of GDP. The country was spending more on debt servicing than on education and health combined. Much of the debt had been contracted under the Kenyatta administration for infrastructure projects, the SGR, roads, energy plants.
Some of the spending was productive. Some was wasteful. Some was corrupt.
The Ruto administration that inherited the debt faced the painful choice between cutting services, raising taxes or defaulting on obligations. The finance bill that triggered the Gen Z protests of 2024 was a direct consequence of this debt.