Wanjigi Calls Out Treasury Over KSh 150 Billion Mystery Account, Demands Transparency

 By Gedion Nzyoki -

• Safina Party leader Jimmy Wanjigi has raised alarm over major inconsistencies in recent Treasury reports, questioning the credibility of official explanations
• Concerns have been raised over a large, unexplained pool of public funds allegedly held outside standard government accounts
• Renewed calls for transparency and accountability are mounting pressure on the National Treasury to explain the discrepancies

Safina Party leader Jimmy Wanjigi addresses members of the press at Kwacha House in Westlands on Thursday afternoon. (Photo: Courtesy)

Nairobi, Kenya | April 30, 2026 — Safina Party leader Jimmy Wanjigi has accused the National Treasury of gross financial mismanagement and demanded full disclosure over KSh 150.7 billion held in what he described as a “shadow account,” escalating pressure on Treasury officials to explain discrepancies in recent budget reports.

Speaking on Thursday afternoon during a press briefing at Kwacha House in Westlands, Wanjigi termed the March 2026 Budget Outturn “a crime scene, not a document,” dismissing the Treasury’s earlier explanation of a “clerical error” as insufficient and misleading.

“On April 22, the National Treasury admitted what it described as a ‘clerical error’ in the Kenya Gazette. However, as we gather here today, it must be clear that the March 2026 Budget Outturn is not merely a document—it is a crime scene. A national budget outturn should be the sovereign equivalent of a personal bank statement,” Wanjigi said.

He argued that a national budget outturn should reflect the same level of accuracy as a personal bank statement, warning that the scale of inconsistencies revealed in the Kenya Gazette could not be explained away as simple typographical mistakes.

Wanjigi pointed to glaring discrepancies between Gazette Notice No. 5726 and the revised Notice No. 5803, describing them as evidence of professional negligence bordering on economic sabotage. Among the issues he raised was what he termed a “schoolboy error,” where the Treasury reportedly duplicated the total revenue figure as the total recurrent expenditure, effectively ignoring development spending.

He also questioned the disappearance of Vote R1015—the Department of Performance and Delivery—which appeared in the initial report with allocated funds but was missing entirely in the revised version. According to Wanjigi, this raised concerns about the possible existence of “ghost expenditures.”

Further, he highlighted what he described as “impossible overnight fluctuations” in allocations to key institutions, including a KSh 295 billion increase in exchequer issues to the Teachers Service Commission and a KSh 123 billion jump in funding to the Ministry of Defence. 

He suggested that such drastic changes could indicate systemic failures within government financial systems or attempts to reconcile undocumented expenditures.

At the center of his criticism was the alleged existence of KSh 150.7 billion in a “Sovereign Bond Proceeds Account,” which he claimed falls outside the Consolidated Fund as required under Article 206 of the Constitution.

“The government claims it faces a liquidity crisis while KSh 150 billion remains idle in a ‘shadow account,’ with no public record of a formal Eurobond issuance this quarter. This raises troubling questions: Is this a secret private placement? Or is it a ‘plug figure’ used to conceal a significant gap in our national finances?” Wanjigi questioned.

The Safina Party leader warned that holding public funds in such an account undermines oversight by key institutions, including the Controller of Budget and the Auditor-General, and effectively shields the funds from parliamentary scrutiny. He questioned why the government would claim to face a liquidity crisis while such a significant amount remained idle and unaccounted for.

Wanjigi’s Demands to the National Treasury

In response, Wanjigi issued a series of demands to Treasury Cabinet Secretary John Mbadi. He called for the immediate disclosure of the bank holding the funds, the publication of certified bank statements from the account’s inception to March 31, 2026, and a full accounting of any interest earned, including its beneficiaries. 

He further urged authorities to freeze the account immediately pending compliance with constitutional requirements.

In conclusion, the Safina Party leader said that Kenyans, who ultimately bear the burden of public debt, are entitled to full transparency and accountability in the management of public finances. 

He cautioned against what he termed the rise of “shadow banking” within the National Treasury, stressing that all public funds must be properly accounted for and subjected to strict legal oversight.

“Kenyans bear the burden of public debt, and we cannot allow the proceeds of that debt to be hidden in a financial ‘black box.’ We deserve a clear and precise balance sheet, not vague estimates that leave billions unaccounted for. The era of ‘shadow banking’ within the National Treasury must come to an end,” Wanjigi stressed.

As the briefing winds down, the spotlight now shifts to CS Mbadi, with all eyes on him to urgently provide clear explanations and verifiable records, following Wanjigi’s warning that continued silence would only deepen public doubt and intensify scrutiny over the handling of public funds.